Nigerians have expressed frustration over the skyrocketing price of Premium Motor Spirit (PMS), or petrol, despite the operation of two functional refineries—Dangote Refinery in Lagos and the rehabilitated Port Harcourt Refinery.
Hopes were initially high when the refineries commenced operations, with many expecting a reduction in fuel costs. However, petrol prices have continued to climb, currently reaching up to N1,040 per litre.
The removal of fuel subsidies in May 2023 triggered the first significant price hike, with the Nigerian National Petroleum Company Limited (NNPCL) increasing prices from N195 to between N448 and N557 per litre. Subsequent increases were attributed to global market dynamics, inflation, and high production costs.
Speaking to *Daily Post*, Hassan Alowonle criticized the government, arguing that even with functional refineries, fuel prices remain exorbitant, burdening citizens already facing economic hardship. Augustine Oyiwona cited factors like inflation, crude oil costs, and high energy expenses as reasons for the persistent price hikes.
Others, like Sylvester Agih, questioned the rationale behind higher prices, especially as import-related costs should no longer apply. “It negates common sense that Nigerians pay more with functioning refineries,” Agih said, calling for greater transparency in fuel pricing.
Economists and concerned citizens have urged the government to subsidize crude oil for local refineries, improve efficiency, and block leakages in the oil sector. “If the government sells crude at reduced rates to refineries, fuel can be affordable,” Daniel Mustapha suggested.
Despite the ongoing challenges, many Nigerians hope for reforms that will ease the burden of high petrol prices and improve living standards.
