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Nigerians cries out as petrol been sold above N1,000 per litre

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Nigerians are facing unprecedented fuel price hikes as the cost of Premium Motor Spirit (petrol) soars above N1,000 per liter in many parts of the country. This comes at a time when the Nigerian National Petroleum Company Limited (NNPCL) struggles with financial burdens, and Dangote Refinery steps in, offering a glimmer of hope to ease the petrol importation crisis.

The Lagos-based Dangote Refinery, with a capacity of 650,000 barrels per day, has commenced petrol production, according to Anthony Chiejina, spokesperson for the Dangote Group. Chiejina highlighted that the refinery aims to boost supply, reduce fuel queues, and enhance productivity, ultimately providing relief for Nigerians who have been grappling with endless waits at petrol stations. “The refinery has started producing Premium Motor Spirit. When it gets to commercial quantity and hits the market, you will know,” Chiejina stated.

Meanwhile, the NNPCL has admitted severe financial strain, grappling with over $6 billion in debts to oil suppliers and the rising costs of petrol imports. This strain has intensified concerns about the sustainability of the country’s fuel supply. The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged citizens not to panic, insisting that measures are being taken to stabilize the situation, although prices continue to soar.

Experts and stakeholders are calling for urgent interventions to address the escalating crisis. Chinedu Amah, CEO of Spark Online, emphasized the need to rapidly expand the Compressed Natural Gas (CNG) program as a viable alternative, while public interest advocate Ameh Madaki criticized the mismanagement of the oil and gas sector under the current administration. As fuel prices hit record highs, Nigerians await decisive actions to bring relief and restore stability to the country’s energy sector.