Latest News on Petrol Prices After Increase as of Today, 14th February 2024

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Nigerian man filling petrol at a station during price surge - Latest Updates February 14, 2024

In a surprising turn of events, petrol prices have once again surged, hitting a staggering N700 per litre in some parts of Nigeria. Despite assurances from the Nigerian National Petroleum Company (NNPC) Limited that there would be no increases, numerous filling stations, especially in the northern regions, have adjusted their pump prices.

Widespread Impact on Nigerians

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The sudden spike in petrol prices adds an extra layer of financial strain on Nigerians who are already grappling with a challenging economic environment. With life becoming increasingly difficult, any uptick in fuel costs is poised to exacerbate the hardships faced by the citizens.

Northern States Witness Steep Hikes

Reports from Dailytrust indicate that independent marketers in Sokoto and Borno are now demanding over N700 per litre from motorists. Some filling stations in Sokoto are selling petrol between N690 and N700, while in Borno, a motorist revealed concerns about tampering with dispensing machines, pushing the effective cost even higher, at times exceeding N750 per litre.

Mixed Prices Across the Country

The disparity in petrol prices is evident across the country. In Kano, prices range from N620 to N690 per litre, depending on the filling station. NNPC stations, however, maintain a slightly lower rate at N620/l. In Lagos, a check by Legit.ng shows prices fluctuating between N620 and N640 per litre.

NNPC’s Reassurance Amidst Soaring Prices

Contrary to the escalating costs, NNPC Ltd. released a statement last week urging Nigerians to dismiss rumors and assuring them that there were no plans for a petrol price hike. The message emphasized the ample availability of Premium Motor Spirit (PMS) across the country, urging motorists to avoid panic buying.

Hope Amidst Challenges

Despite the current challenges, there is a glimmer of hope as NNPC reports progress at the Port Harcourt Refining Company (PHRC). A crucial step involves the supply of 475,000 barrels of crude oil from Shell Petroleum Development Company Limited to kickstart refinery operations. There is optimism that once completed, this development will contribute to a decrease in petrol prices.

Concerns of Fuel Scarcity Loom

Marketers express concerns about potential fuel scarcity if NNPC fails to make petrol available to depot owners and other dealers promptly. The long queues witnessed in Lagos and parts of Ogun state are feared to spread nationwide if the national oil firm does not act swiftly.

In these challenging times, Nigerians eagerly await relief from the escalating petrol prices, hoping for stability in their daily lives. Stay tuned for further updates on this developing situation.

Source: Legit.ng

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