In a new wave of price hikes, the Nigerian National Petroleum Company (NNPC) Limited has once again raised the price of premium motor spirit (PMS), commonly known as petrol, across its retail outlets nationwide.
This marks the second increase in October alone, adding to the financial strain on Nigerian consumers.
According to recent observations by TheCable, the NNPC initially raised the pump price from N855 per litre in September to N998 per litre on October 3. However, prices have since surged beyond this mark in various locations.
At the NNPC retail outlet on Ago Palace Way, Okota, Lagos, petrol now sells at N1,025 per litre, while in Abuja’s Kubwa federal housing area, an NNPC station is selling at an even higher rate of N1,050 per litre.
Private filling stations, including brands like Mobil, Rain Oil, and AA Rano, have also responded to the NNPC’s increase by adjusting their prices, with rates now ranging between N1,100 and N1,250 per litre across different regions.
The recent price surge follows a notable shift in Nigeria’s fuel supply chain. On September 15, the NNPC resumed petrol distribution from the Dangote Petroleum Refinery after protracted price negotiations, purchasing fuel at N898 per litre from the refinery.
The Dangote refinery countered NNPC’s claim, describing it as “both misleading and mischievous”.
A day after, the national oil company announced estimated pump prices based on prices set by the Dangote refinery for its petroleum products, saying petrol will sell for N950 in Lagos and N999 in Abuja.
On October 10, the Independent Petroleum Marketers Association of Nigeria (IPMAN) asked NNPC to refund the oil marketers’ money or to sell petrol to its members at the Dangote refinery rate.
IPMAN said its members’ money has been with NNPC for over three months.
According to the association, NNPC collected PMS from the Dangote refinery below N900 per litre, but NNPC wants oil marketers to buy the same product at the rate of N1,010 in Lagos, N1,045 in Calabar, N1,050 in Port Harcourt, and N1,040 in Warri.
On October 11, the federal government said oil marketers can now buy petroleum products directly from the Dangote refinery and other local producers — one week after directing the Dangote refinery to sell petrol to only the NNPC.
(TheCable)