Just As Predicted..NNPC Increases Fuel Prices Again


Filling stations belonging to the Nigerian National Petroleum Corporation Limited (NNPCL) have increased the pump price of fuel.

The product which previously sold for N897 in Abuja, the nation’s capital, currently sells for N1,030.


A visit to an NNPC outlet in Maitama observed how motorists queued up to purchase the product amid complaints.

At another NNPC station in Gudu, still in Abuja, motorists queued up while waiting for attendants to commence sale.


When  asked an attendant if the station was out of stock, she responded saying they had fuel but the management was waiting for the metres to be adjusted to reflect the current price.

Asked how much, she responded “N1,030 per litre.”

In Lagos, fuel which previously sold for N885 per ltire is now being sold at N998 amid long queues.

The development comes 24 hours after Daily Trust reported a likely pump price increase as a result of  NNPCL’s exit as a 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.

The NNPCL’s decision is seen as a crucial shift towards a fully deregulated oil market

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.

But 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.

CKNNews had on Monday predicted on the looming increase on the price of fuel 

See link 

https://www.cknnigeria.com/2024/10/breaking-another-fuel-price-hike-looms.html

CKN NEWS

Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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