{"id":812,"date":"2023-10-24T09:37:08","date_gmt":"2023-10-24T09:37:08","guid":{"rendered":"https:\/\/arritoneconsult.com.ng\/blog\/?p=812"},"modified":"2023-10-24T09:37:09","modified_gmt":"2023-10-24T09:37:09","slug":"steep-fuel-price-hike-grips-nigeria-petrol-soars-by-226-75-yoy","status":"publish","type":"post","link":"https:\/\/arritoneconsult.com.ng\/blog\/2023\/10\/24\/steep-fuel-price-hike-grips-nigeria-petrol-soars-by-226-75-yoy\/","title":{"rendered":"Steep Fuel Price Hike Grips Nigeria: Petrol Soars by 226.75% YoY"},"content":{"rendered":"\n<p>In a disconcerting revelation, the price of Premium Motor Spirit (PMS), commonly referred to as petrol, has experienced a Steep Fuel Price Hike 226.75%, soaring to N626.21 per liter in September 2023 from N191.65 per liter recorded during the same period in 2022. This relentless surge in fuel prices has been felt across numerous states, stemming from the ongoing challenges faced by oil marketers in importing fuel months after the deregulation of Nigeria&#8217;s downstream sector.<\/p>\n\n\n\n<p>The National Bureau of Statistics (NBS), in its latest report titled &#8220;Premium Motor Spirit (Petrol) Price Watch for September 2023,&#8221; disclosed that Taraba State topped the price chart at N665.70 per liter, surpassing the post-subsidy adjusted price of N600.35 per liter for that region by 9.8%. Borno State followed closely with N657.37 per liter, while Benue State ranked third at N641.29 per liter, exceeding the post-subsidy price by 8.7% and 6.4%, respectively.<\/p>\n\n\n\n<p>Steep Fuel Price Hike, the NBS&#8217;s &#8220;Automotive Gas Oil (Diesel) Price Watch for September 2023&#8221; report indicated that Kano State had the highest diesel prices, with a rate of N967.78 per liter, marking a 7.9% increase from N890.80 per liter. Anambra State followed at N950.95 per liter, and Niger State came third at N950.55 per liter, showing increases of 6.3% and 6.3%, respectively.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"168\" src=\"https:\/\/arritoneconsult.com.ng\/blog\/wp-content\/uploads\/2023\/10\/HIKE-2.jpg\" alt=\"\" class=\"wp-image-814\" srcset=\"https:\/\/arritoneconsult.com.ng\/blog\/wp-content\/uploads\/2023\/10\/HIKE-2.jpg 300w, https:\/\/arritoneconsult.com.ng\/blog\/wp-content\/uploads\/2023\/10\/HIKE-2-230x129.jpg 230w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/figure>\n\n\n\n<p>On the flip side, Rivers, Delta, and Jigawa states registered the lowest retail prices for petrol at N602.55, N605.88, and N617.42 per liter, as per the NBS report. Similarly, Bayelsa, Katsina, and Rivers states had the most affordable diesel prices at N840.16, N840.55, and N840.82 per liter, respectively.<\/p>\n\n\n\n<p>The escalating fuel costs have also impacted the average retail price of Automotive Gas Oil (Diesel), which rose by 12.77% YoY, reaching N890.80 per liter in September 2023 from N789.90 per liter in 2022.<\/p>\n\n\n\n<p>This surge in fuel prices has had far-reaching consequences, with many filling stations remaining closed in Lagos and its surroundings. The former Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Tunji Oyebanji, attributed this crisis to multiple factors, including the continuous increase in diesel prices and limited access to foreign exchange.<\/p>\n\n\n\n<p>Oyebanji noted that the Nigerian National Petroleum Company Limited (NNPC) holds a significant advantage in importing petroleum products due to favorable access to foreign currency, which other marketers lack. He called for increased competition in the importation of petroleum products to stimulate development.<\/p>\n\n\n\n<p>Benneth Korie, the National President of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), highlighted the plight of depot owners, who are grappling with soaring crude oil prices, unstable exchange rates, and high-interest rates that make securing bank loans increasingly difficult. As a result, many depots have faced shortages.<\/p>\n\n\n\n<p>In response to these concerns, the Nigerian National Petroleum Company Limited (NNPCL) reassured Nigerians of an adequate fuel supply with at least 30 days&#8217; sufficiency, urging motorists to refrain from panic buying as distribution normalizes over the next few days.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">For more news visit <a href=\"https:\/\/arritoneconsult.com.ng\/blog\/wp-admin\">https:\/\/arritoneconsult.com.ng\/blog<\/a><\/p>\n\n\n\n<p class=\"has-medium-font-size\">For more educational post visit <a href=\"http:\/\/examhood.com.ng\">examhood.com.ng<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a disconcerting revelation, the price of Premium Motor Spirit (PMS), commonly referred to as petrol, has experienced a Steep Fuel Price [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":813,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[28],"tags":[],"class_list":["post-812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Steep Fuel Price Hike Grips Nigeria: Petrol Soars by 226.75% YoY - Arritone Consult<\/title>\n<meta name=\"description\" content=\"Steep Fuel Price Hike causing nationwide concern. 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