₦airaland Forum

The reason behind the increase in Premium Motor Spirit (petrol) by the Nigerian government has been revealed.

According to Oil Marketers, the government has fully removed the subsidy on the commodity leading to an increase in fuel prices across the country.

POLITICS NIGERIA reports that the recent price hike has led to petrol price climbing to N1,030 and N998 per liter in Abuja and Lagos.

According to Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), the price hike marks the beginning of total deregulation of the oil and gas sector and implementation of the Petroleum Industry Act.

“The removal of subsidy is a welcome development, as it will encourage investment in the sector and ensure efficient supply chain management,” Ukadike stated.

NNPCL retail outlets adjusted their fuel pump price from N897 per liter to N1,030, following the removal of subsidy. Ukadike noted, “With this, I don’t think there is anything like a subsidy on petroleum products now. NNPCL is now selling as they are buying from Dangote Refinery. NNPCL is no longer a middleman for oil marketers. Marketers are to buy petrol products from Dangote Refinery. It has become a willing buyer, selling relationship. We are embracing the new NNPCL price template.”

However, Ukadike emphasized that NNPCL and Dangote Refinery are yet to release their ex-depot prices, crucial for determining marketers’ selling prices. “Once the ex-depot prices are released, we will choose where to buy our petroleum products and stock our filling stations.”

Industry sources revealed that Dangote Refinery increased its petrol price to N977 per liter from N898. However, the company has not officially confirmed this.

Source : https://politicsnigeria.com/details-emerge-as-marketers-reveal-reason-behind-fresh-fuel-price-increase/

According to Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), the price hike marks the beginning of total deregulation of the oil and gas sector and implementation of the Petroleum Industry Act.

“The removal of subsidy is a welcome development, as it will encourage investment in the sector and ensure efficient supply chain management,” Ukadike stated.

Very good 👍

How many times are they are going to remove this fuel subsidy?
Next time, you will still hear the same slang

It’s Gone finally

Oppressors and their praise singers

I'm fed up already

Does this mean Jonathan government was paying up to 800 Naira per litre as subsidy then, when fuel price was like 165 Naira then?

So if dollars get to 2000 or 3000, what will be the price of fuel. 1700 or 2500 a litre. At this point, cbn should stop fighting inflation and increasing interest rate because another big round of inflation is loading

It's all lies

Jokerman:
Does this mean Jonathan government was paying up to 800 Naira per litre as subsidy then, when fuel price was like 165 Naira then?

Exchange rate
$ to #160 then
$ to #1700

If you can remember, fuel was to be increased to #140

nedu666:
So if dollars get to 2000 or 3000, what will be the price of fuel. 1700 or 2500 a litre. At this point, cbn should stop fighting inflation and increasing interest rate because another big round of inflation is loading

It is well oOoOO

What is gone finally? Keep deceiving yourself. The same subsidy Buhari removed when he met fuel price at 85naira per litre and took it to 145 naira per litre and litre 185 naira per litre. Tinubu came and the same subsidy is gone fuel price went up to 400 per litre , later 650 per litre and 850 a d almost 1K per litre.

saviourGeorge:
It’s Gone finally

Lol. Please more of baby steps of pain, baby steps of pain to get it right once and for all. Nigeria still sells the cheapest fuel in the whole of west Africa.
It's better Tinubu pegs the price of fuel at 5k a litre once and for all at least till he finishes his 8 year tenure so Nigerians will get used to it rather than riling them up every now and then with slight increment. Honestly Tinubu is a good man and mean well for this country.

Dem go feel it!

Tinubu is a disaster.

Tinubu is like poison

What is Tinubu doing right now?

This government is highly insensitive......how does a government do this to her citizens and yet the government has not cut down on their own spendings.

Elo fokan bale

This is just the beginning. Bat supporters how market.




All this are scripted.

Enuf of this USELESS NEWS ..

no

.the way things are going. Tinubu is likely the last president of this country called Nigeria.

Lol.. Clowns, keep removing and paying fuel subsidy any time you like.

If you think any thing is going to change your wasting your time,fuel price will keep going up

Lol. Goodmorning yoruba Nigerians
Good afternoon yoruba Nigerians
Good evening yoruba Nigerians

This government must favour every yoruba Nigerian

u people should STOP disturbing our PEACE with all this DANGOTE, MARKETER'S, NNPCL nonsense

I doubt it Is gone finally. Even the Chinedu guy said he thinks.....he wasn't sure and if he's still thinking, someone close to the stakeholders of oils and gas. Then what can I say?

“With this, I don’t think there is anything like a subsidy on petroleum products now. NNPCL is now selling as they are buying from Dangote Refinery. NNPCL is no longer a middleman for oil marketers. Marketers are to buy petrol products from Dangote Refinery. It has become a willing buyer, selling relationship. We are embracing the new NNPCL price template.”

saviourGeorge:
It’s Gone finally

Play

Hmmm...