Petrol Prices Soar: Marketers Blame High Cost of Landing Product

The cost of petrol has reached an all-time high in Nigeria, with some stations selling the product for as much as N1,300 per liter. The development has sparked widespread outrage and concern among motorists and commuters, who are already struggling to cope with the high cost of living in the country.

According to marketers, the high cost of landing the product is the main reason for the skyrocketing prices. They claim that the Nigerian National Petroleum Corporation (NNPC) has stopped selling fuel to independent marketers, forcing them to buy from private depots at a higher price.

"The cost of landing the product is around N1,200 per liter, and when you add the cost of transportation, storage, and other expenses, the price goes up," said a marketer who preferred to remain anonymous. "We are not making any profit from selling petrol at this price, but we have no choice because we have to recover our costs."

The marketers also blamed the government for not doing enough to regulate the prices and ensure a steady supply of fuel. They claimed that the government's failure to repair the country's refineries and increase the supply of petrol has created a shortage, which has driven up prices.

"The government needs to take urgent action to address the fuel shortage and regulate the prices," said another marketer. "We are not happy with the situation, but we have no choice because we have to survive."

The high cost of petrol has already started to have a ripple effect on the economy, with transportation costs increasing and prices of goods and services rising. The development has also sparked fears of a possible hike in the prices of other petroleum products, including diesel and kerosene.

The government has promised to take action to address the fuel shortage and regulate the prices, but so far, no concrete steps have been taken. The situation remains uncertain, and motorists and commuters are bracing themselves for further price increases.

In the meantime, the marketers have called on the government to intervene and find a solution to the crisis. They warned that if the situation is not addressed, it could lead to a complete breakdown of the economy and social unrest.

"We are appealing to the government to take urgent action to address the fuel shortage and regulate the prices," said a marketer. "We are not making any profit from selling petrol at this price, and we are worried about the impact it will have on the economy and the people."

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