Filling Stations Announce New Fuel Prices as NNPC Sells Petrol at N922 per Litre in Lagos
- Other fuel retailers across the country joined the NNPC Limited to increase their petrol pump prices again
- The changes were observed at Ardova, First Royal, Ranoil, AA Rano, and Mobil, among several others
- Nigerians reacted to the price adjustments, noting that NNPC was no longer the cheapest place to buy fuel
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Several filling stations have joined the Nigerian National Petroleum Company Limited (NNPCL) to increase the price of Premium Motor Spirit (PMS), popularly known as petrol.
A visit to fuel stations showed that prices have increased from an average price of N865 per litre to around N910, depending on the fuel stations.
Source: Getty Images
Although prices increase, many are still selling below the pump prices of NNPCL retail outlets.
For example, in Lagos, NNPC sells petrol for N922 per litre, an increase from N870.
However, this is higher than N890 offered by MRS, Ardova, Matrix, De Petroleum, Fatgbems, Petrocam, TotalEnergies, Pinnacle, and Mobil, selling at an average price of N890 to N922 per litre.
It is the same story in Abuja, NNPC retail outlets increased petrol prices to N955 per litre on Monday, up by N50 from N905.
However, the prices are higher compared to other filling stations in Abuja, including Ranoil, AA Rano, and Mobil, also raised their pump prices, with rates now ranging between N920 and N930 per litre.
MRS stations which buy directly from Dangote refinery offer the cheapest rate at N879 per litre.
There is speculation that the price increase is due to supply challenges from the Dangote refinery.
The Petroleum Products Retail Outlets Owners Association of Nigeria has yet to explain the reason for the price hike.
Source: Getty Images
NNPC's new petrol prices nationwide
The review shows petrol now sells for over N900 per litre in all states, with some approaching N1,000.
A state-by-state analysis shows the highest prices in Kwara at N975 per litre, followed by Gombe and Sokoto at N965.
The lowest prices were recorded in Ondo and Osun, both at N900 per litre. Other states with the highest prices include Akwa Ibom (N955), Abia (N945), Niger (N945), Bayelsa (N935), Delta (N935), and Edo (N935).
The latest hike marks the second increase within a week and is expected to raise the cost of transportation for motorists nationwide.
Reacting to the development, Mike Osatuyi, a former national secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), told Legit.ng that the international crude oil price is also the reason for the price increase.
He said:
"We are in a deregulated oil regime; market forces determine prices. If crude oil prices go up, Nigerians will pay more. On the current increase, I expect a reversal soon as supply improves. However, crude oil prices remain an important factor."
Direct petrol supply cuts out middlemen
Earlier, Legit.ng reported that as Dangote Petroleum Refinery kicked off its direct fuel distribution, bulk buyers and filling stations are jettisoning middlemen for the refinery’s direct delivery.
According to the president of the National Association of Road Transport Owners (NARTO), Yusuf Othman, bulk buyers have reneged on the contracts signed with his members in favour of Dangote’s free delivery.
The NARTO leader said that his members have about 30,000 trucks and cannot deliver fuel for free.
He revealed that some of the agreements are informal, while some are formal.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
