Energy expert Kelvin Emmanuel has expressed concern over the rising cost of fuel in Nigeria, noting that the sharp increase is already placing significant pressure on motorists and households.
In a recent interview shared by Arise News, the managing partner at Energy Consulting Practice spoke about the realities of fuel pricing in the country amid global oil market tensions and domestic supply challenges.
Emmanuel explained that fluctuations in crude oil prices, exchange rates, shipping costs, and insurance premiums have all contributed to the rising cost of petrol in Nigeria. He noted that these factors ultimately affect the amount Nigerians pay at fuel stations.
Reflecting on his personal experience, the energy analyst said, “It used to cost me about ₦45,000 to ₦50,000 to fill my car. Now it costs me about ₦70,000 to fill my tank.”
According to him, the situation highlights the broader impact of fuel price adjustments on everyday Nigerians who rely heavily on petrol for transportation and daily economic activities.
Emmanuel also pointed out that the price of refined petroleum products is largely influenced by international market dynamics, especially when crude oil prices rise due to geopolitical tensions.
He added that without strong domestic supply capacity and strategic reserves, Nigeria remains vulnerable to external shocks in the global energy market. The expert stressed that long-term reforms in the oil and gas sector will be necessary to stabilize fuel prices and protect consumers from future volatility......…