The Nigerian National Petroleum Corporation Limited (NNPCL) has again increased petrol pump price.
The product which sold for N897 in Abuja, the nation’s capital, currently sells for N1,030 at filling stations belonging to the NNPC .
In Lagos, fuel which previously sold for N885 per ltire is now being sold at N998 amid long queues.
The development comes days after it emerged that the NNPC had quit its middleman in the Dangote Refinery purchase deal.
This implies that the national oil company will no longer cover the price gap between the facility’s price and the selling price to retailers, previously absorbing a subsidy of N133 per litre.
Marketers would henceforth negotiate petrol prices directly with the Dangote Refinery under a willing buyer, willing seller arrangement, aligning with practices for other deregulated products such as diesel and kerosene.
In September, Devakumar Edwin, Vice President at the Dangote Industries, indicated that the 650,000 barrels per day refinery had begun processing petrol, with the NNPCL initially as the sole off-taker.
However, recent adjustments allow independent marketers to engage with Dangote directly.
“We can no longer continue to bear that burden,” an NNPCL’s official told Premium Times, highlighting the financial strain of the subsidy system.
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