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REVEALED: Why NNPCL Increased Fuel Price To Over ₦1,000

Published

2 months ago

Oct 10, 2024.

Petroleum marketers have confirmed that the recent fuel price hike by the Nigerian National Petroleum Company Limited (NNPCL) is a direct result of the complete removal of subsidies on Premium Motor Spirit (petrol).

The NNPCL has now raised pump prices to ₦1,030 per litre in Abuja and ₦998 per litre in Lagos.

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EKO HOT BLOG reports that Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), explained this in an interview with DAILY POST on Wednesday, following the latest price adjustment. The increase saw the pump price rise from ₦897 to ₦1,030 per litre.

This development comes after a previous hike, which raised the price from ₦617 to ₦897 per litre.

Ukadike stated, “The new pricing reflects the total deregulation of the oil and gas sector and the implementation of the Petroleum Industry Act.

“There is no longer any subsidy on petroleum products. NNPCL now operates as a buyer from Dangote Refinery, and marketers will purchase directly from the refinery as well. It’s now a willing buyer, willing seller relationship under the new pricing template.”

NNPCL Increased Fuel Price

However, Ukadike noted that neither NNPCL nor Dangote Refinery has released their ex-depot prices, which are critical for marketers in determining resale prices.

“We are still waiting for the ex-depot prices from both NNPCL and Dangote Refinery. Once those are available, marketers will decide where to purchase petroleum products for their stations,” he added.