Port Harcourt Residents in For a Long Day, As Fuel Price Hit N950
Struggling to Afford Fuel: What It's Like for Residents of Port Harcourt
Residents of Port Harcourt are having a bit of a rough time with fuel prices soaring to N950 per litre. That’s quite a hike from the N617 per litre they were hoping for after the Port Harcourt Refining Company was supposed to start operations.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) had projected a marginal reduction in fuel prices once the Port Harcourt refinery began operations. However, it seems the situation has taken a turn for the worse, with fuel prices hitting N950 per litre, causing queues and frustration among the residents.
The increase in fuel prices is attributed to the foreign exchange crisis in Nigeria and the recent implementation of a 7.5% Value Added Tax on diesel. This has pushed up the cost of diesel to between N900 and N950 per litre in many states.
As a result, local manufacturers are facing the possibility of factory closures and job losses due to the skyrocketing energy costs. The Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) has expressed concern over the state of Nigerian roads, which is exacerbating the fuel crisis.
The government had announced the mechanical completion of the Port Harcourt refinery in December 2023, with products from the plant expected to hit the market before the end of the year. However, it seems the situation has not improved as expected.
In the meantime, residents are left to deal with the long queues and high fuel prices, making it increasingly difficult to get around and conduct daily activities. The situation is a stark reminder of the challenges faced by many in Nigeria, as they struggle to cope with rising costs and limited resources.
