Petrol prices in Nigeria may skyrocket to unprecedented levels as the uncertainty surrounding the naira-for-crude deal between the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Petroleum Refinery continues to brew. The six-month deal, which began in October 2024, has expired, and negotiations for its renewal are ongoing, but the outcome remains unclear.
The Dangote refinery’s decision to temporarily stop selling petroleum products in naira has already triggered a price hike, with marketers projecting a possible increase to N1,000/litre in the coming weeks. This development has sparked widespread concern among Nigerians, who are already grappling with the economic challenges of high inflation and a fluctuating exchange rate.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called for a stakeholders’ meeting to discuss the issue and find a way forward. IPMAN Vice President, Hammed Fashola, has appealed to the Federal Government to renew the naira-for-crude deal, stating that it would help stabilize petrol prices and alleviate the suffering of Nigerians.
As the situation continues to unfold, Nigerians are holding their breath, hoping that a solution will be found to avert the looming petrol price hike. The Federal Government’s decision on the naira-for-crude deal will have far-reaching implications for the economy and the lives of millions of Nigerians.
Nigeria On The Bank Of Petrol Price Hike:N1000/Liters Looms As Naira For Crude Deal Uncertainty Bites.
