Petrol Price To Hit ₦1,050 - Politics

Petrol Price To Hit ₦1,050 - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › Petrol Price To Hit ₦1,050 (7850 Views)

Petrol Price To Hit ₦1,050 by adenigga(op): 3:54am On Mar 07

The Dangote Petroleum Refinery has increased its Premium Motor Spirit gantry price to N995 per litre, marking a sharp N221 rise within four days.

This comes amid volatility in global crude oil prices and rising replacement costs.

A senior official of the refinery confirmed the development to Saturday PUNCH on Friday night, explaining that the latest price adjustment followed recent shifts in global oil market fundamentals.

“Yes, the price has been reviewed. The new gantry price is now N995 per litre,” the official said on condition of anonymity.”

The new price represents an increase from N874 per litre, which was introduced earlier this week after the refinery raised its ex-depot price from N774 to N874 per litre.

With the latest revision, the refinery’s petrol price has climbed from N774 to N995 per litre within four days.

Checks on petroleumprice.ng, also confirmed that the new gantry price had already been updated on the portal, signalling a shift in domestic downstream pricing benchmarks.

The latest price adjustment could trigger a fresh increase in retail pump prices across the country, with petrol likely to sell above N1,050 per litre in several locations depending on transportation costs and marketers’ margins.

It also followed a brief halt in petrol loading operations at the refinery, a development that had earlier sparked speculation among marketers that another price increase might be imminent.

Industry sources confirmed that truck-out operations for petrol were suspended at about 2:00am on Friday, leaving depot owners and bulk marketers uncertain about the refinery’s next pricing direction.

Market participants noted that similar pauses in petrol loading at the facility have historically preceded price adjustments.

Officials at the refinery have repeatedly defended its pricing decisions, insisting that petrol prices must reflect prevailing global crude oil prices, logistics costs and operational realities.

In a statement issued on Thursday, the refinery emphasised that it does not arbitrarily determine prices but adjusts them based on international market movements and the cost of crude oil used for refining.

The refinery said its pricing strategy reflected Nigeria’s transition to a fully deregulated downstream petroleum market, where petrol prices are now largely influenced by global crude oil prices, foreign exchange rates and supply dynamics.

The refinery said it has absorbed about 20 percent of the rising costs in order to help ease pressure on the domestic market.

Amid the escalating tensions in the Middle East, data from the Major Energies Marketers Association of Nigeria has shown that a litre of imported petrol is about N64 cheaper than the one produced by the Dangote Petroleum Refinery.

Data by MEMAN indicated that Dangote’s petrol gantry price was N874 per litre as of Monday, while the landing cost of imported petrol was N809.37 per litre, showing a difference of about N64 between the two sources.

MEMAN also reported that Dangote’s diesel price was N1,169.42, while imported diesel was N1,125.70 per litre.

Source: https://punchng.com/petrol-price-to-hit-n1050

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Re: Petrol Price To Hit ₦1,050 by Moroccoguy: 4:18am On Mar 07

USA Iran crisis and it implications.

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Re: Petrol Price To Hit ₦1,050 by stan4b(m): 5:02am On Mar 07

It is well. The common man must survive.

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Re: Petrol Price To Hit ₦1,050 by Hemanwel(m): 5:04am On Mar 07

Nna mehn! Who do we blame for this? Tinubu? Dangote? NNPCL,? Or The Gulf War?

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Re: Petrol Price To Hit ₦1,050 by Frankaka8(m): 5:06am On Mar 07

Moroccoguy:
USA Iran crisis and it implications.

Are you cursed? Suffer no dey tire you? You dey find excuse for this? Why your dey defend Nigeria Govt like TARIBO WEST?

52 Likes 1 Share

Re: Petrol Price To Hit ₦1,050 by Willy2025: 5:11am On Mar 07

Osanobua o. Tinubu, return our subsidy o or make you kukuma kee us o. The outcome of this is going to be brutal on the economy and people's lives

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Re: Petrol Price To Hit ₦1,050 by Emu4life(m): 5:15am On Mar 07

All because of a needless war. Na wa o

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Re: Petrol Price To Hit ₦1,050 by adenigga(op): 5:15am On Mar 07

Hemanwel:
Nna mehn! Who do we blame for this? Tinubu? Dangote? NNPCL,? Or [b]The Gulf War?[/b]

Gulf war of course!

When we are talking of multiplier effects of actions, this is the reality.

13 Likes 1 Share

Re: Petrol Price To Hit ₦1,050 by geoworldedu: 5:18am On Mar 07

Emu4life:
All because of a needless war. Na wa o

Can you please explain how the war in Iran is affecting our oil in Nigeria? Do you buy oil from them?

54 Likes 3 Shares

Re: Petrol Price To Hit ₦1,050 by ironheart(m): 5:22am On Mar 07

Everything affects Nigeria

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Re: Petrol Price To Hit ₦1,050 by Layi4real(m): 5:23am On Mar 07

geoworldedu:
Can you please explain how the war in Iran is affecting our oil in Nigeria? Do you buy oil from them?

illiteracy is a disease. Go school u won't go school.

30 Likes 1 Share

Re: Petrol Price To Hit ₦1,050 by Moroccoguy: 5:25am On Mar 07

Frankaka8:
Are you cursed? Suffer no dey tire you? You dey find excuse for this? Why your dey defend Nigeria Govt like TARIBO WEST?

Na your generation dey suffer, if u need work I can find one for u in my establishment.

15 Likes 2 Shares

Re: Petrol Price To Hit ₦1,050 by Abaziaka: 5:29am On Mar 07

Yet some people are clapping for us for attacking Iran

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Re: Petrol Price To Hit ₦1,050 by oshkoach: 5:30am On Mar 07*

Time shall come, we will all be served breakfast.

If we had a serious government, then we should not be impacted by the American needless war with Iran.

Our government abdicated it responsibility and left our refinery business to a private man. This is the result. “Profiteering”

For those of you praising Dangote, keep praising him until his net-worth goes up again while you remain poorer and unable to feed.

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Re: Petrol Price To Hit ₦1,050 by Antoeni(m): 5:37am On Mar 07*

Maybe Dangote is Pained Over The Death Of Ayatollah, Their Shia Leader, So He Decides to Give Nigerians Wotowoto For Not Mourning And Supporting Iran.

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Re: Petrol Price To Hit ₦1,050 by adenigga(op): 5:39am On Mar 07

oshkoach:
Time shall come, we will all be served breakfast.

If we had a serious government, then we should not be impacted by the American useless war with Iran.

Our government abdicated it responsibility and left our refinery business to a private man. This is the result. “Profiteering”

For those of you praising dangote, keep praising him until his net-worth goes up again while you remain poorer and unable to feed.

The refinery said its pricing strategy reflected Nigeria’s transition to a fully deregulated downstream petroleum market, where petrol prices are now largely influenced by global crude oil prices, foreign exchange rates and supply dynamics.

9 Likes 2 Shares

Re: Petrol Price To Hit ₦1,050 by BarrElChapo(m): 5:40am On Mar 07

Thanks Darling Dangote

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Re: Petrol Price To Hit ₦1,050 by whitecement: 5:41am On Mar 07

We all keep saying

"I am not concerned"

"I am not concerned"

When fuel price skyrockets now, when the guilty are punished, the innocent too will bear the brunt!

Let UN and other bodies or agencies get people to talk to Tr.ump and Iran to stop all this balderdash they are perpetrating,

Russia Ukraine war led to rise in the price of Sugar, Wheat , and Bread ,even crude oil too.

We are now in 20th century, everybody is important.

Because you are "ALMIGHTY AMERICA" doesn't mean every other country are "AMOEBA" or "PARAMECIUM" that you can just trample on them like they are useless or worthless piece of shit.

It is the begining of war we know, no one knows the end,

Who can predict that small Japan can attack USA, colonize Korea, some parts of China, invade and win Russia and now turn to an Asian Tiger?

Ukraine now is giving Russia a run for their money
USA fled from Afghanistan
Ethiopia defeated Italy colonial masters and British Invaders

The moment you underestimate your foe, you are making a grave error.

Don't correct your enemy when he is about to make a mistake (NAPOLEON BONAPARTE)

6 Likes 2 Shares

Re: Petrol Price To Hit ₦1,050 by ponziponzi(m): 5:43am On Mar 07

Antoeni:
Maybe Dangote is Pained Over The Death Of Ayatollah

Price of crude oil was $70 per barrel last week, today it is around $94 and still climbing.

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Re: Petrol Price To Hit ₦1,050 by easytig(m): 5:44am On Mar 07

My tired is tired,it is like having a car is now a problem, maintenance choke

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Re: Petrol Price To Hit ₦1,050 by masterfactor(m): 5:45am On Mar 07

See wetine USA/ISRAEL CAUSE

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Re: Petrol Price To Hit ₦1,050 by KomonSense: 5:53am On Mar 07

[s]It also followed a brief halt in petrol loading operations at the refinery, a development that had earlier sparked speculation among marketers that another price increase might be imminent.[/s]

Druggie on the beat

U all gonna learn in a very bad way!

Fuel is 2000 Naira by March 2027 after maybe swearing in of Bulaba's 2nd tenure or not!

Vote Peter Obi

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Re: Petrol Price To Hit ₦1,050 by bigcasava1(m): 6:00am On Mar 07

Is a deliberate increments, economic protests in reaction to the fall of tahran. Why will there be increase the raw material is in ur domain with the refinery, all they have to do is to increase production. We no send even if him like make him increase it to 50k.

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Re: Petrol Price To Hit ₦1,050 by EmmaLege: 6:06am On Mar 07

Omo kilo shele na. Iran war do dis one 🤕🤕🤕

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Re: Petrol Price To Hit ₦1,050 by Lithiumite: 6:16am On Mar 07

oshkoach:
Time shall come, we will all be served breakfast.

If we had a serious government, then we should not be impacted by the American useless war with Iran.

Our government abdicated it responsibility and left our refinery business to a private man. This is the result. “Profiteering”

For those of you praising dangote, keep praising him until his net-worth goes up again while you remain poorer and unable to feed.

You have been revamping your refineries fir over 30yrs all to no avail..... is tinubu responsible for that too?

4 Likes

Re: Petrol Price To Hit ₦1,050 by Sirchiboy: 6:18am On Mar 07

Moroccoguy:
Na your generation dey suffer, if u need work I can find one for u in my establishment.

I need one chairman.
Abeg connect me

2 Likes

Re: Petrol Price To Hit ₦1,050 by tuoyoojo(m): 6:25am On Mar 07

It's a pity that Nigerians are left without a safety net in all these shenanigans

The major responsibility of government is security and welfare of its citizens

Like what someone said, when the country is faced with a problem, the first thing that is sacrificed is the benefit the common enjoys

We were told that when subsidies are removed they would be money everywhere for other projects. Which project have they done that have benefits to the common man.

Up till tomorrow, Nigeria is borrowing endlessly. For each 100 naira borrowed, over 60 naira is used to service debt

Subsidy was ladden with corruption, why not put safety nets first before removing the subsidy or better still eliminate the corruption in the system so that the average Nigerian can benefit something from the government

Na same oyel when middle east get, nine we as Nigerians get, why our case come different

Nigeria has oil but none of the refineries are working, the only private one working, they cannot supply it with enough crude to make it function optimal

For what we have in abundance,we have to depend on outsiders for it

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Re: Petrol Price To Hit ₦1,050 by IPDGP: 6:28am On Mar 07

Frankaka8:
Are you cursed? Suffer no dey tire you? You dey find excuse for this? Why your dey defend Nigeria Govt like TARIBO WEST?

Na u get cursed, u no go read news finish dey look for comment to comment on

""latest price adjustment followed recent shifts in global oil market fundamentals.""
So na nigeria government dey in charge of global oil market

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Re: Petrol Price To Hit ₦1,050 by slickbak(m): 6:34am On Mar 07

Trump supporters in Nigeria will reset. Abi na Tinubu and Dangote them go blame?

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Re: Petrol Price To Hit ₦1,050 by AJSfan: 6:35am On Mar 07

The same ppl cheering Trump are crying on this thread

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Re: Petrol Price To Hit ₦1,050 by Cupidkc(m): 6:36am On Mar 07

I actually bought 1030 yesterday night.

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Re: Petrol Price To Hit ₦1,050 by Tenrack: 6:39am On Mar 07

Layi4real:
illiteracy is a disease. Go school u won't go school.

Genius Literate explain! The guy was even polite enough to say can you please explain. Why are y'all so uncultured and unruly on here?

Explain how the war over there in Iran is affecting our pump price. Let's learn genius.

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