While diesel prices have steadily risen to above N800 per litre, hurting household income and causing businesses to struggle with maintaining a consistent level of operations, there has however been further escalation on other petroleum products that sustain most Nigerian households.
As it stands, 12.5 kilograms of cooking gas (LNG) is selling for over N10,000 in some locations, this translates to an increase of over 100% since May 2021 according to the NBS. Similarly, NBS also reported that kerosene (which used to be a cheaper alternative for homes) has also seen a sharp increase of over 80% within the same period, and a gallon currently sells for over N3000 in some locations.Â
In addition, the recent case of fuel scarcity has seen a return of queues at filling stations, causing black market players to take advantage of the situation to sell fuel for as high as N300/litre in some states around the nation.
Nigeria’s ongoing hikes on petroleum products have been blamed on several factors, including the prolonged Russia-Ukraine conflict. While on Channels Televisionâs Sunrise Daily, the President of PENGASSAN highlighted the issue of âbridging fundsâ between the NMDPRA and truck drivers who deliver the PMS as the cause of the scarcity.
Also, in a statement by IPMAN, they stated that âWith the current price, there is no way we can sell less than N180/liter.â Making it clear that there is a need to increase the petrol pump price to meet the market price since the cost of diesel used in transporting the product around the nation has risen significantly over the past few months.
Depot owners have also affirmed that the N165 pump price for petrol is not sustainable. DAPPMAN, in a statement, said the ongoing Russian/Ukraine conflict had adversely affected the downstream oil and gas sector in Nigeria stating that the local running costs of operating their various fuel depots had gone up astronomically.
One key lesson from these challenges in Nigeria and around the world is that the volatility of the global oil market makes it unreliable to provide the sustainable power needed to run our modern economies. The uncertainty facing petroleum products in Nigeria over the past years should be a good reason for businesses and households to source for more sustainable solutions.Â
It is with this in mind that Arnergy Solar has strived for the past eight years to make sustainable renewable energy solutions accessible to homes and businesses. Arnergy has a strong track record of delivering sustainable, reliable, and cost-efficient Solar Systems that provide residential homes and businesses with the stable and reliable electricity they need to remain comfortable and productive as well as the ability for businesses to have a steady energy cost and properly forecast and budget for their energy spend.
Visit https://arnergy.com/our-products/ today to purchase a solar unit that fits your budget and needs. You can also reach our team at 0700-228-8888, message us on WhatsApp via 0809-230-8888, or email: [email protected] to get a FREE consultation on your energy needs.
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