Reason Behind NNPCL Increased Fuel Pump Prices Again – Marketers
Petroleum marketers have announced that the Nigerian government has fully eliminated the subsidy on Premium Motor Spirit (petrol), which has led the Nigerian National Petroleum Company Limited (NNPCL) to raise the price of petrol to N1,030 and N998 per litre in Abuja and Lagos, respectively.
Chinedu Ukadike, the spokesperson for the Independent Petroleum Marketers Association of Nigeria, shared this information exclusively with DAILY POST on Wednesday in response to the recent increase in fuel prices at NNPC outlets.
According to reports, NNPCL adjusted its fuel pump price on Wednesday from N897 per litre to N1,030, following a previous increase from N617 to N897.
Ukadike commented, “This reflects a pricing structure that indicates the complete deregulation of the oil and gas sector and the enforcement of the Petroleum Industry Act.”
He added, “Currently, there seems to be no subsidy on petroleum products. NNPCL is now selling at the price they purchase from Dangote Refinery, and they are no longer acting as a middleman for oil marketers. Marketers are expected to buy petrol directly from Dangote Refinery, establishing a direct buyer-seller relationship. We are adapting to the new pricing structure from NNPCL.”
However, he noted that NNPCL and Dangote Refinery have not yet disclosed their ex-depot prices for petrol, which will influence marketers’ purchasing decisions.
“While we await the ex-depot prices from NNPCL, once they and Dangote Refinery announce their prices, we will decide where to source our petrol products for our filling stations,” he explained to DAILY POST.
Additionally, reports indicate that Dangote Refinery has raised its petrol price to N977 per litre from N898, according to industry sources. However, as of this report, Dangote Refinery has not issued a statement regarding its petrol pricing.
It is worth noting that NNPCL previously stated it acquired petrol from Dangote at N898 per litre, but a spokesperson for Dangote Group, Anthony Chiejina, disputed this claim without providing the company’s petrol price.
This situation has sparked controversy within the oil and gas industry.
