Nigerians are feeling the squeeze as fuel prices have soared above N550 per litre, following the removal of the fuel subsidy.
The ex-depot price of petrol has risen by 4.3% to N490 per litre, prompting petrol stations to hike their prices accordingly.
Investigations carried out by Vanguard have revealed that some stations in Lagos are now selling fuel for more than N500 per litre, a significant jump from the previous price of N488 per litre.
Despite the price hikes, the Nigeria National Petroleum Company (NNPC) Limited continues to sell fuel to major marketers at N446.57 per litre.
However, independent marketers in Lagos who purchase petrol at N490 per litre are dispensing it at N520 per litre at their stations, depending on the location.
While NNPC Limited maintains a selling price of N488 per litre at their retail stations in Lagos, major marketers have set their prices between N488 and N492 per litre, with location again playing a significant role in pricing.
The fuel price surge has given rise to a flourishing black market. Operators who bought fuel at N490 per litre are reselling it at N515 per litre.
As a result, retail prices have seen additional markups.
The surge has also led to many independent marketers closing their stations to motorists and other fuel users.
Meanwhile, hawkers have been spotted selling petrol at steep prices of between N550 to N650 per litre in various parts of Lagos, including Maryland and Ikorodu road.
Reacting to this new development, the President of Nigeria Labour Congress (NLC), Joe Ajaero, said organised labour was not “surprised by the antics of the marketers; that is why we are working on an alternative.
“PMS (petrol) is now for the rich. So, by the time we are through with alternatives, PMS will be left for the rich.”
Ajaero had earlier said as an alternative to PMS, Labour “came up with a module of having a Compressed National Gas, CNG, based on the fact that Nigeria has large natural gas deposits.”
He added, “The study we found, especially the pilot study conducted in the Edo area where about 10,000 vehicles were converted to CNG, shows and the report came out from the mouth of the former Minister of State Petroleum Timipre Sylva, that a litre of gas CNG will cost about N90.
On the basis of that, even Innoson Motors came to address us and said he was going to produce vehicles that will have provision for CNG and PMS, so if you don’t want to buy PMS at N500 and above per litre, you buy CNG.
“If you want to buy CNG at N90 per litre, buy it. But in the construction of the vehicles, you have a switch to whatever you want. If you switch to CNG, you use CNG; if you switch to PMS, you use PMS.
“It is now left for all Nigerians to determine the one that is our target. At least the labour movement has been able to think outside the box to provide this alternative.”
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