{"id":5805,"date":"2024-06-04T11:32:36","date_gmt":"2024-06-04T10:32:36","guid":{"rendered":"http:\/\/naijaeyesblog.com\/?p=5805"},"modified":"2024-06-04T11:32:36","modified_gmt":"2024-06-04T10:32:36","slug":"petrol-price-increase-looms-in-nigeria","status":"publish","type":"post","link":"https:\/\/naijaeyesblog.com\/ro\/petrol-price-increase-looms-in-nigeria\/","title":{"rendered":"Petrol price increase looms in Nigeria."},"content":{"rendered":"<h1>Petrol price increase looms in Nigeria as landing cost jumps 47% to N1,026 per liter.<\/h1>\n<p data-sourcepos=\"3:1-3:32\">Here&#8217;s a breakdown of the issue:<\/p>\n<ul data-sourcepos=\"5:1-5:107\">\n<li data-sourcepos=\"5:1-5:107\"><strong>Landing Cost Increase:<\/strong> The cost of importing petrol (PMS) has jumped by 46.8% year-on-year to N1,026.71 per litre in May 2024 (compared to N545.83 in May 2023).<\/li>\n<li data-sourcepos=\"6:1-6:165\"><strong>Additional Costs:<\/strong> On top of the landing cost, other charges like transportation and marketer margins would push the final price at gas stations to nearly N1,052 per litre.<\/li>\n<li data-sourcepos=\"7:1-10:109\"><strong>Marketers&#8217; Concerns:<\/strong>\n<ul data-sourcepos=\"8:5-10:109\">\n<li data-sourcepos=\"8:5-8:64\">Difficulty obtaining foreign exchange (FX) at a good rate.<\/li>\n<li data-sourcepos=\"9:5-9:37\">Rising global crude oil prices.<\/li>\n<li data-sourcepos=\"10:5-10:109\">Unprofitability of importing at the current pump price (government hasn&#8217;t allowed free market pricing).<\/li>\n<\/ul>\n<\/li>\n<li data-sourcepos=\"11:1-11:175\"><strong>NNPCL as Sole Importer:<\/strong> Due to the above reasons, private marketers are hesitant to import, leaving the Nigerian National Petroleum Company (NNPCL) as the sole importer.<\/li>\n<li data-sourcepos=\"12:1-12:155\"><strong>Potential Losses:<\/strong> A transactional analysis suggests marketers could face losses exceeding N19 billion if they import at current costs and sell at the pump price.<\/li>\n<li data-sourcepos=\"13:1-14:0\"><strong>NBS Price Data:<\/strong> The National Bureau of Statistics (NBS) confirms a YoY increase of 176% in the national average retail price of petrol (April 2024 vs. April 2023).<\/li>\n<\/ul>\n<p data-sourcepos=\"15:1-15:19\"><strong>Overall Impact:<\/strong><\/p>\n<ul data-sourcepos=\"17:1-23:0\">\n<li data-sourcepos=\"17:1-17:56\">Nigerians are likely to face a petrol price hike soon.<\/li>\n<li data-sourcepos=\"18:1-18:125\">The high cost of petrol could lead to increased transportation costs and subsequently higher prices for goods and services.<\/li>\n<li data-sourcepos=\"19:1-23:0\">The current situation highlights the challenges of the subsidy system:\n<ul data-sourcepos=\"20:5-23:0\">\n<li data-sourcepos=\"20:5-20:53\">Discourages private investment in fuel imports.<\/li>\n<li data-sourcepos=\"21:5-21:85\">Potentially encourages smuggling of subsidized petrol to neighboring countries.<\/li>\n<li data-sourcepos=\"22:5-23:0\">Puts a strain on the national budget.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p data-sourcepos=\"24:1-24:20\"><strong>Expert Opinions:<\/strong><\/p>\n<ul data-sourcepos=\"26:1-27:89\">\n<li data-sourcepos=\"26:1-26:103\">Robert Dickerman (Pinnacle Oil CEO) estimates Nigeria spends N1 trillion monthly on petrol subsidies.<\/li>\n<li data-sourcepos=\"27:1-27:89\">IMF suggests the government is indirectly subsidizing petrol through backdoor measures<\/li>\n<\/ul>\n<p data-sourcepos=\"11:1-11:132\">Share News with us via WhatsApp:<strong>\u00a0<a href=\"https:\/\/api.whatsapp.com\/send?phone=2348163658925&amp;text=Good%20day,%20NaijaEyes%20Digital\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">08163658925<\/a>\u00a0or Email:\u00a0<\/strong>naijaeyes1@gmail.com<\/p>\n<p><strong>Join Our Social Media Channels:<\/strong><\/p>\n<p>WhatsApp:<strong>\u00a0<a href=\"https:\/\/whatsapp.com\/channel\/0029VaINDLn8V0toq2u6BJ34\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NaijaEyes<\/a><\/strong><\/p>\n<p>Facebook:\u00a0<strong><a href=\"http:\/\/www.facebook.com\/Naijaeyess\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NaijaEyes<\/a><\/strong><\/p>\n<p>Twitter:\u00a0<a href=\"https:\/\/twitter.com\/naija_eyes\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><strong>NaijaEyes<\/strong><\/a><\/p>\n<p>Instagram:\u00a0<a href=\"https:\/\/www.instagram.com\/naijaeyes\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><strong>NaijaEyes<\/strong><\/a><\/p>\n<p>TikTok:\u00a0<a href=\"https:\/\/www.tiktok.com\/@naijaeyes2\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><strong>NaijaEyes<\/strong><\/a><\/p>\n<p><a href=\"http:\/\/naijaeyesblog.com\/ro\/category\/tech\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">READ THE LATEST POLITICS NEWS<\/a><\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Petrol price increase looms in Nigeria as landing cost jumps 47% to N1,026 per liter. Here&#8217;s a breakdown of the issue: Landing Cost Increase: The cost of importing petrol (PMS) has jumped by 46.8% year-on-year to N1,026.71 per litre in May 2024 (compared to N545.83 in May 2023). Additional Costs: On top of the landing [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":5806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_gspb_post_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-5805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"blocksy_meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Petrol price increase looms in Nigeria. - NaijaEyes Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/naijaeyesblog.com\/ro\/petrol-price-increase-looms-in-nigeria\/\" \/>\n<meta property=\"og:locale\" content=\"ro_RO\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Petrol price increase looms in Nigeria. - NaijaEyes Blog\" \/>\n<meta property=\"og:description\" content=\"Petrol price increase looms in Nigeria as landing cost jumps 47% to N1,026 per liter. Here&#8217;s a breakdown of the issue: Landing Cost Increase: The cost of importing petrol (PMS) has jumped by 46.8% year-on-year to N1,026.71 per litre in May 2024 (compared to N545.83 in May 2023). Additional Costs: On top of the landing [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/naijaeyesblog.com\/ro\/petrol-price-increase-looms-in-nigeria\/\" \/>\n<meta property=\"og:site_name\" content=\"NaijaEyes Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-04T10:32:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2024\/06\/Capture-ezgif.com-png-to-webp-converter-14.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"776\" \/>\n\t<meta property=\"og:image:height\" content=\"478\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"David Abi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Scris de\" \/>\n\t<meta name=\"twitter:data1\" content=\"David Abi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Timp estimat pentru citire\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/naijaeyesblog.com\\\/petrol-price-increase-looms-in-nigeria\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/naijaeyesblog.com\\\/petrol-price-increase-looms-in-nigeria\\\/\"},\"author\":{\"name\":\"David Abi\",\"@id\":\"https:\\\/\\\/naijaeyesblog.com\\\/#\\\/schema\\\/person\\\/2ed7a0f8f96e0219f64ac0dcd3e62730\"},\"headline\":\"Petrol price increase looms in Nigeria.\",\"datePublished\":\"2024-06-04T10:32:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/naijaeyesblog.com\\\/petrol-price-increase-looms-in-nigeria\\\/\"},\"wordCount\":308,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/naijaeyesblog.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/naijaeyesblog.com\\\/petrol-price-increase-looms-in-nigeria\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/naijaeyesblog.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Capture-ezgif.com-png-to-webp-converter-14.webp\",\"inLanguage\":\"ro-RO\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/naijaeyesblog.com\\\/petrol-price-increase-looms-in-nigeria\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/naijaeyesblog.com\\\/petrol-price-increase-looms-in-nigeria\\\/\",\"url\":\"https:\\\/\\\/naijaeyesblog.com\\\/petrol-price-increase-looms-in-nigeria\\\/\",\"name\":\"Petrol price increase looms in Nigeria. - 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