₦airaland Forum

The NNPC had on September 3 increased the price of petrol at its pumps from from N617 per litre to between N855 and N897.

Having lifted about 103 million litres of petrol from Dangote Refinery between September 15 and 30, the Nigerian National Petroleum Company Limited (NNPC) is now set to implement a new pricing regime for the product, those familiar with the matter have told PREMIUM TIMES.

The refinery was able to load 2,207 of 3,621 trucks sent to it within the period under review. The vehicles carried just 102,973,025 litres of the planned 400,000,000 litres of petrol earmarked to be lifted from the refinery at 25 million litres per day. That translated to just 26 percent performance, records seen by PREMIUM TIMES show.

The NNPC began lifting petrol from Dangote Refinery on September 15 as sole off-taker of the product from the facility.

On that same day, the company announced that it was buying the product from the refinery at N898.78 per litre and then selling it to marketers at N765.99 per litre, shouldering a significant subsidy of almost N133 per litre.

The state oil company then indicated that as consignments from Dangote Refinery are discharged in fueling stations across the country, the price of the product would rise to reflect depot sale price, statutory charges, transportation costs and distribution challenges faced by different regions.

However, despite that announcement, pump prices of petrol at NNPC stations across Nigeria have in the one month hovered around N855 and N897, depending on location.

But NNPC insiders have now told PREMIUM TIMES that with the company gradually exhausting its imported stock of petrol and now relying more on cargoes from Dangote Refinery, the pump price of the product would have to be adjusted upward to reflect that reality.

It is unclear what the new price regime would be. Femi Soneye, the chief communications officer of the NNPC, was not immediately available to provide details of the impending price adjustment. He did not answer or return calls seeking his comment for this story.

However, the company had indicated in a pricing template it released on September 16 that once gantry price from Dangote Refinery and all charges were computed, the price of petrol at its pumps in Lagos would be N950.22 per litre, N980.22 in Rivers State, and N992.22 in Abuja.

The company estimated in that same September 16 template that the product would sell for N999.22 per litre at its stations in Nigeria’s North-western geopolitical zone while in Borno and other North-eastern states, the product would cost an estimated N1,019 per litre.


In Nigeria’s South-east, the company said petrol would cost N980.22 while consumers in South-west states (Oyo, Ogun, Ekiti, Osun, Ondo) would pay N960.22 per litre for the product.

But company insiders said the September 16 estimate is outdated given foreign exchange fluctuations in the country and the rise in crude prices due to the escalating tension in the Middle East.

“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,” the official said.

The NNPC had on September 3 increased the price of petrol at its pumps from from N617 per litre to between N855 and N897, depending on location.

https://www.premiumtimesng.com/business/business-news/742449-exclusive-as-dangote-petrol-circulates-across-nigeria-nnpc-to-implement-new-price-regime.

Dem dey mad

Subsidy.

the more you look the less you see

Make una dey play

Upwards??

Inflation continue to rise.

Nigerians are already used to 1,250 naira per litre,

It seems the destiny of Tinubu is to destroy Nigeria.

The price increase is expected. The fact that Dangote is now fully operational will stabilize the market and bring the prices down eventually.

Just like every other thing, it will take some time before the effect is felt fully.

Islie:
The NNPC had on September 3 increased the price of petrol at its pumps from from N617 per litre to between N855 and N897.





https://www.premiumtimesng.com/business/business-news/742449-exclusive-as-dangote-petrol-circulates-across-nigeria-nnpc-to-implement-new-price-regime.html

Nlfpmod

Christmas is 3 months away and fuel will now be N951 per litre in Lagos and people will still be defending their oppressors. We told you Dangote refinery is a facade. Enjoy your CHAIN.

Nawah ooo

OIL SECTOR IS TOO SHADDY.

NIGERIANS SHOULD LOOK FOR ALTERNATIVE.

ITS TIME TO REALLY INVEST IN OTHER ENERGY SOURCES.

TINUBU & DANGOTE CAN DRINK THEIRS FUEL

This is a great development.

Thunder fire NNPC

Do we still have labour union in this country?

SUBSIDY IS GONE

We are making progress.

"Subsidy is gone" - Bola A. Tinubu, 29th May 2023

Chai wicked demons don use tribalism finish this country and some idiots are still defending this madness 😠

tundegan:
The price increase is expected. The fact that Dangote is now fully operational will stabilize the market and bring the prices down eventually.

Just like every other thing, it will take some time before the effect is felt fully.

very correct
Like he did with cement

Good news. The price of petrol is coming down

Has anybody come across this dangote petrol in any petrol station in the country??

Abi aye NNPCL ati Dangote refinery fe baje ni

They dare not

Shadomaan7:
Good news. The price of petrol is coming down

Bot wey dey read upside down.

Toh

The prices of fuel across Nigeria would soon be harmonized. The new price regime would also be announced

Anither563:
This is a great development.

What is great about it

Na to go buy bicycle remain oh.... My workplace na kuku 30 minutes from my huz.... Anybody wey ask me where my car, I go tell am say I dey exercise mode... No be me una go kill

They are going to remove N10 from the current price, wicked regime

When will there be a downward review in this country?
Is it only upward review??
The last time a downward review happened in the petroleum sector was during the regime of Goodluck Jonathan.

tundegan:
The price increase is expected. The fact that Dangote is now fully operational will stabilize the market and bring the prices down eventually.

Just like every other thing, it will take some time before the effect is felt fully.

Dey play

Good