NIGERIANS across the 36 states and the Federal Capital Territory – Abuja, are complaining bitterly as the pump prices of Premium Motor Spirit, popularly known as petrol, is selling for as much as N1,500 per litre nationwide .

According to the Prices across states tracked by the PUNCH, the cost of the commodity has continued to rise nationwide, selling for as high as N1,500 in many states.

In Yobe State, residents reported that petrol was selling for between N1,500 and N1,520 per litre at some filling stations in Damaturu, the state capital.

Similarly, a tricycle rider in the state capital, Musa Ibrahim, said he buys the commodity for about N1,500 per litre at some Nigerian National Petroleum Company filling stations.

Also speaking, a civil servant, Lawan Garba, said some filling stations were selling petrol at an even higher price.

“I am buying petrol at N1,520 per litre in some petrol stations,” Garba said.

In Kano State, petrol was selling for between N1,460 and N1,500 per litre at most filling stations in the metropolis. The increase has forced some vehicle owners to park their vehicles, while commercial tricycle operators, popularly known as “yan’ adaidaita sahu”, have also increased their fares by about 50 per cent, depending on the distance.

The operators who used to charge N200 for a short distance now collect N300, while they charge between N500 and N700 for longer distances.In Sokoto State, petrol prices rose to between N1,465 and N1,500 per litre in the metropolis.

Checks by our correspondent showed that the product had risen from the previous price of N1,365 per litre.

At some filling stations, including AA Rano, Shafa and Total, petrol was sold for N1,465 per litre, while major marketers sold it for between N1,470 and N1,500 per litre.

In Borno State, a litre of petrol was selling for N1,500 at filling stations in Maiduguri, the state capital.

A motorist, Ishaku Curutsi, confirmed to our correspondent that he bought petrol from Matrix filling station for N1,500 per litre on Wednesday. “I bought it this morning, and a litre at Matrix cost 1,500,” he said.

In Taraba State, the price of petrol had risen to N1,500 per litre, with motorists and commuters reporting prices of between N1,500 and N1,700 per litre at some filling stations.

The development is expected to further increase the cost of transportation and movement of goods within the state.In Zamfara State, a litre of petrol was selling for N1,500 in Gusau, the state capital, and its environs.

A visit to filling stations showed that motorists were purchasing the commodity for between N1,450 and N1,500 per litre, against the former price of N1,350.

At Danmarina filling station, motorists were seen purchasing the commodity amid complaints about the increase. One of the motorists, who gave his name as Musa Idris, said the current price was putting pressure on consumers.

• Culled from the PUNCH

BLACK MARKET RATE

1 US Dollar is 1380 Naira.

1 Great British Pound (GBP) is 1880 Naira.

1 Euro (EUR) is 1575 Naira.

1 Canadian Dollar (CAD) is 1000 Naira.

1 Chinese Yuan is 190 Naira.

1 Ghanaian Cedi is 100 Naira.

1 South African Currency, Rand (ZAR) is 70 Naira.

1 UAE Dirham is 370 Naira.

1 CFA Franc (XOF) is 2350 Naira.

1 CFA Franc (XAF) is 2250 Naira.

1 Australian Dollar (AUD) is 850 Naira.

CBN Exchange Rate

DOLLAR (USD) ₦1329.15

POUND (GBP) ₦1793.69

EURO (EUR) ₦1534.77

SWISS FRANC (CHF) ₦1622.69

JAPANESE YEN (JPN) ₦8.5

CFA FRANC (XOF) ₦2.33

WEST AFRICAN UNIT OF ACCOUNT (WAUA) ₦1811.58

CHINESE YUAN (CNY)₦198.03

SAUDI RIYAL (SAR)₦353.85

SOUTH AFRICAN RAND (ZAR)₦81.79

•Aliko Dangote

President of Dangote Group, Aliko Dangote, has described his investment in the textile industry as the biggest business mistake of his decades in business.

Dangote made the disclosure during an appearance on Arise Television, where he reflected on some of the challenges he encountered while building his business empire.

Dangote’s comments come amid ongoing concerns over the survival of local manufacturing industries and the impact of imported goods on domestic production and employment.

“My biggest business mistake was textiles,” he said.

According to the industrialist, the textile business eventually collapsed due to inadequate policy protection and what he described as dumping by foreign manufacturers.

“We were swamped by Chinese dumping and Indian dumping. So eventually we had to close down,” Dangote said.

He said the closure had a significant impact on workers, particularly employees of Nigerian Textile Mills in Ikeja, Lagos.

Dangote disclosed that almost 8,000 workers were laid off across the textile business, with 6,920 of them coming from Nigerian Textile Mills in Ikeja alone.

He said the experience shaped his approach to subsequent investments, stressing the need to ensure that businesses remain viable even when government protection is eventually withdrawn.