The Nigerian National Petroleum Company Limited (NNPC) is preparing to introduce new fuel prices, even after the recent adjustments. Sources close to the situation have revealed that these changes are imminent, likely leading to more financial strain for Nigerians....CLICK HERE TO CONTINUE READING.>>
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On September 3, NNPC increased the price of petrol at its filling stations from N617 to between N855 and N897 per litre, depending on the location. Then, on September 15, the company began sourcing petrol from the Dangote Refinery, where it holds exclusive rights as the sole buyer. On that day, NNPC announced it was purchasing petrol from the refinery at N898.78 per litre and selling it to marketers for N765.99 per litre, effectively covering a subsidy of nearly N133 per litre. Reports show that between September 15 and 30, the company lifted around 103 million litres of petrol from the refinery.
According to insiders speaking to PREMIUM TIMES, as NNPC’s stock of imported petrol runs out and it relies more on the Dangote Refinery, a rise in pump prices is inevitable to reflect this shift. A pricing template released on September 16 suggested that fuel prices would increase nationwide based on location. In Lagos, petrol was expected to cost N950.22 per litre, N980.22 in Rivers State, N992.22 in Abuja, and as high as N1,019 per litre in Borno and other northeastern states.
However, insiders now say those September 16 estimates are no longer accurate due to fluctuations in the foreign exchange rate and rising crude oil prices, influenced by increasing tensions in the Middle East.
The official said: “With crude now trading for more than $78 per barrel as of Sunday (today) and the naira exchanging for N1,660 to a dollar, there is no way a litre of petrol can sell for below N1350 per litre in Nigeria.”…..For More READ THE FULL ARTICLE HERE ▶▶
