A recent meeting between the Nigerian government, Dangote Refinery management, and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has ended in a deadlock, signaling a likely increase in fuel prices across the country. The discussions, aimed at resolving disputes over fuel pricing and supply issues, failed to produce an agreement, leaving the fuel sector in a state of uncertainty.
Dangote Refinery has suspended its sale of petrol in the Nigerian Naira, a move that has added strain to the already volatile fuel market. This suspension comes amid labor unrest and disagreements over payment and operational costs, further complicating efforts to stabilize fuel prices.
Petrol prices at retail outlets, including those under the Nigerian National Petroleum Company Limited (NNPCL), have started to rise, with prices reportedly hitting as high as N945 per litre in Abuja. This hike is expected to impact transportation costs and the general cost of goods and services nationwide.
The deadlock between government officials and PENGASSAN officials underscores the ongoing challenges facing Nigeria's fuel sector, including subsidy removals, refinery operations, and labor relations. The government continues to seek solutions to avoid further exacerbation of the fuel price crisis.
Consumers and businesses alike are bracing for the impact of these developments as Nigeria prepares for potential disruptions in fuel supply and affordability.