Nigerians are paying up to N690 per liter for petrol as of January 1, 2024.
A recent review conducted by Nairametrics on Monday, January 1, regarding petrol prices across some Nigerian states, uncovered the fact that citizens are currently paying as high as N690 per liter for petrol.
The examination revealed a diverse pricing landscape, notably in Enugu state, where residents encounter varying costs depending on the specific location and retail station. In Enugu, petrol prices fluctuate from N660 to as high as N690 per liter.
Moving to the Federal Capital Territory (FCT), Abuja, the prices vary between N660 to N665 per liter at retail stations such as AA Rano, Rainoil, Ammasco, and Eterna, with TotalEnergies in Katampe offering a lower price at N642 per liter.
In Kano state, the range spans from N670 to N680 per liter. Abia state marks a consistent price of N670 per liter while Uromi, Edo state, witnesses a range of N650 to N680 per liter.
In Ebonyi state, petrol is being sold at N650 per liter. Notably, Lagos state reflects comparatively lower petrol prices, ranging between N568 to N640 per liter.
Although the deregulation of petrol signifies non-uniform prices for the commodity, the regional analysis indicates that as of January 1, 2024, those in the Southeast and South-South regions pay the highest petrol prices.
Some Nigerians anticipate a potential decrease in petrol prices across the country after the commencement of operations at the Dangote refinery and the state-controlled refineries – Port Harcourt, Kaduna, and Warri.
Status quo
Punch reports that Billy Gills-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), anticipates a drop in the prices of refined products.
However, he doesn’t expect a significant crash in their costs. The likelihood of reduced prices exists once the refineries begin supplying these products.
The expectation is rooted in the elimination of import charges and other fees paid in dollars. This change should provide some relief in pricing.
However, the exact extent of the reduction remains uncertain until the refineries commence production.
Punch also reports that on December 31, Olufemi Soneye, the Chief Corporate Communications Officer at the Nigerian National Petroleum Company Limited confirmed that crude oil had been supplied to the Port Harcourt refinery. He mentioned that the refinery was undergoing a test run, following international standards.
Soneye said that the refinery would soon start full-scale commercial production of refined products.
According to him, the mechanical phase of the PH refinery Area 5 plant had been completed, with all essential components installed licensor inspection done, and catalysts delivered.
He also said that currently, the focus is on industry-based testing, addressing leaks, air and line blowing, flushing, drying, steam out, calibration, plant inerting, and then the introduction of hydrocarbons (crude oil).
OK. it as never happen before. Otisuwa o