Nigerians are feeling the pinch as petrol prices continue to rise amid an ongoing dispute between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL). The disagreement, which stems from crude oil supply agreements, has caused disruptions in the petroleum distribution chain, forcing filling stations across the country to hike prices.
Motorists and business owners are lamenting the latest surge in pump prices, with some stations selling fuel at significantly higher rates than before. The situation has led to panic buying and long queues at petrol stations, as consumers rush to fill their tanks before another possible price increase.
Industry experts say the dispute centers around crude supply allocations, pricing mechanisms, and government interventions in the oil sector. Dangote Refinery, a key player in Nigeria’s petroleum industry, has been seeking better terms for crude supply, while NNPCL, as the primary supplier, has been reluctant to alter existing agreements.
The government has yet to issue an official statement on the matter, but sources indicate that high-level negotiations are underway to resolve the impasse. However, if the deadlock continues, Nigerians may face further economic hardship, as rising fuel prices often lead to inflation in transportation costs, goods, and services.
This latest fuel price hike comes at a time when Nigerians are already grappling with economic challenges, making the resolution of this dispute a priority for both the government and industry stakeholders.