Difficulty in landing products’ possible cause if fuel price hike – PETROAN

According to PETROAN president Billy Gillis-Harris, the Nigerian National Petroleum Company Limited (NNPCL) may have passed on the increased burden due to difficulties in product landing.

Speaking during an interview yesterday, he noted, “When NNPCL struggles with landing products and the pressure becomes too great, they will inevitably shift some of the load. I believe that’s what may have happened.”

NNPCL today outlets in Lagos and Abuja raised the pump price of petrol, with prices in Lagos increasing to N998 per litre, up from N855, and in Abuja to N1,030 from N897.

This led to price hikes at other filling stations, with some in Lagos selling petrol for as much as N1,050 per litre.

This price adjustment follows a similar increase by NNPCL just a month earlier, when the price per litre rose from ₦568 to N855, a move the company said was necessary to manage its debt and financial situation.

In response to fuel hoarding by some stations, the Federal Government has threatened to revoke licenses.

However, Gillis-Harris emphasized that market forces will now dictate fuel prices, noting, “Petrol prices will be driven by demand and supply.

Our exchange rate is also a major factor since we operate in dollars but sell in naira.”

Gillis-Harris expressed hope that the Dangote Refinery, once operational, could offer some relief.

Meanwhile, the Nigeria Labour Congress (NLC) has voiced its discontent with the latest price hike, calling for an immediate reversal. “We urge the government to reverse this hike, as past increases have only worsened poverty,” the NLC said yesterday.

Despite President Tinubu’s assurances that his reforms will eventually revitalize the economy, Nigerians have faced rising inflation and economic hardship, particularly following the removal of the fuel subsidy and the floating of the naira.