In a shocking development, the downstream sector of Nigeria’s petroleum industry has been thrown into disarray as a recently surfaced document reveals an alarming increase in the retail price of petrol, potentially reaching over N500 per litre. The document, obtained exclusively by Vanguard, highlights the staggering prices of petrol in key cities across the country.
According to the leaked document, the retail prices of petrol in Abuja, Lagos, and Kano are projected to soar to N537, N488, and N540 per litre, respectively. The news has sent shockwaves throughout the industry, as stakeholders grapple with the potential implications of such exorbitant prices on the economy and the daily lives of Nigerian citizens.
Upon receiving multiple requests for confirmation, Mr. Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the agency responsible for regulating activities in the sector, did not respond. This lack of clarity from the regulatory authority has only intensified concerns and added to the confusion surrounding the issue.
To gain further insight, talkGlitz.media reached out to an anonymous oil marketer within the industry. The marketer, who pleaded for anonymity, dismissed the leaked document as false and referred to it as “an obviously fake random list circulating on social media.” This reaction raises doubts about the authenticity of the document and raises questions regarding the motives behind its release.
However, despite the marketer’s skepticism, the potential impact of such skyrocketing petrol prices cannot be ignored. If these prices were to materialize, they could have far-reaching consequences for the Nigerian economy, leading to increased transportation costs, inflationary pressures, and a strain on the purchasing power of consumers. It would also pose a significant challenge for businesses and industries reliant on petrol, potentially leading to disruptions and further economic instability.
As Nigerians await official clarification from the NMDPRA or any other relevant authorities, the uncertainty surrounding petrol prices continues to mount. The government is expected to address these concerns promptly, providing transparency and reassurance to both industry players and the general public.
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