Nigerians are feeling the pinch as petrol prices soar above N1,000 per litre in many areas across the country. This sharp increase in fuel prices has caused widespread concern among citizens.
In response to the crisis, Dangote Refinery has started producing Premium Motor Spirit (PMS). The Lagos-based refinery, which can handle 650,000 barrels of oil per day, aims to help Nigeria reduce its reliance on imported petrol.
Anthony Chiejina, a spokesperson for Dangote Group, shared with INFOLAND that the new petrol production is expected to ease long fuel queues and boost the country’s productivity. He emphasized that once the refinery’s petrol reaches the market in large quantities, it will help make fuel more accessible and affordable for Nigerians.
The move comes as the Nigerian National Petroleum Company Limited (NNPCL) struggles with financial difficulties, including over $6 billion in debt to oil suppliers. This financial strain has led to increased import costs and challenges in maintaining a steady fuel supply.
NNPCL’s spokesperson, Olufemi Soneye, noted that these financial issues threaten the stability of fuel supply in the country. As a result, the under-recovery cost of petrol, or subsidy, has become a significant burden.
The current situation has sparked reactions from stakeholders and public analysts, further highlighting the ongoing crisis in Nigeria’s oil and gas sector.
