The price of Premium Motor Spirit (petrol) is expected to increase in the coming days as negotiations over the naira-for-crude deal remain unresolved.
With the cost of importing petrol rising due to foreign exchange volatility and delays in government intervention, Nigerians may soon face another round of fuel price hikes
In a significant shift, the Dangote Petroleum Refinery has announced a temporary halt in selling petroleum products in naira, citing a mismatch between its crude oil purchase obligations (denominated in US dollars) and local sales.
This decision is expected to put pressure on the fuel market, potentially pushing retail prices beyond N1,000 per litre as importers struggle with rising costs.
Read also,
As negotiations over the naira-for-crude deal continue without resolution, Nigeria has ramped up fuel imports to stabilize supply.
Recent data reveals that seven vessels carrying over 154 million litres of petrol have arrived at key seaports, reflecting the country's heavy reliance on imported fuel despite local refining efforts.
Meanwhile, filling station owners and consumers are urging the government to reconsider the naira-for-crude agreement to prevent further price instability.
