NNPC to Sell Petrol at N400 Per Litre Without Subsidy as FG Allegedly Hiked Price Secretly

• The federal government has allegedly allowed depot owners to raise the price of petrol above the approved price
• Reports say the marketers said petrol could sell for N400 per litre without subsidy by the National Petroleum Corporation
• The Nigerian government has said it would end petrol subsidy in June next year and also projected about N3 trillion in subsidy for the product

The Federal Government allegedly allowed depot owners to hike the price of petrol to N185 per litre instead of the approved N147 by the National Petroleum Company of Nigeria (NNPC).

This development follows a finding that the lowest the NNPC can sell petrol without subsidy is N400 per litre.

NNPC secretly hikes price of petrol

Oil marketers disclosed this on Sunday, November 27, 2022, and gave reasons for the protracted petrol scarcity, which has seen queues forming at filling stations nationwide.

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Nigerians in pain as black marketers sell petrol at N350 a litre, scarcity worsens

According to the marketers, petrol import charges were becoming too severe for the NNPC. The marketers alleged that the company has secretly pushed the price to depot owners.

Also, the depot owners had passed the cost to filling stations, affecting final product consumers.

Petrol scarcity continued on Monday, November 28, 2022, as many stations in Lagos and Abuja shut down due to a lack of the commodity. Buyers resorted to black market dealers who sell the product on kegs and jerry cans, mostly at outrageous costs.

Nigeria to end subsidy in 2023

The Punch reports that the National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, Ukadike Chinedu confirmed that NNPC is having a tough time subsidising petrol and meeting the supply needs of Nigerians.

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Report says foreign creditors may seize Nigeria's presidential jets over accumulated debts

A recent report said that the government of President Muhammadu Buhari may have spent about N10.976 trillion as a subsidy since 2015.

As per the report, the government had spent about N6.88 trillion subsidising petrol.

Zainab Ahmed, Minister of Budget and National Planning, said in October that the federal government projects to spend N6.72 trillion on subsidies in 2023, saying the government would keep subsidies until June next year.

Real reason fuel scarcity resurfaced in Lagos, other cities as NUPENG protests Police extortion

Legit.ng reported that fuel queues have resurfaced in Lagos and other cities in Nigeria, this time with intensity.

The queues, which began to form on Monday, November 21, 2022, took many by surprise after coming out of one penultimate week.

As of Tuesday, November 22, most filling stations reported that they had run out of petrol, sending motorists into a frenzy and panic-buying.

Source: Legit.ng