N900/Litre: NNPC Gives Reason for New Fuel Prices, Advises Nigerians

• The Nigerian National Petroleum Company Limited has responded to the ongoing fuel scarcity across the country
• The oil company provided an explanation for the scarcity and advised Nigerians not to panic buy
• Across the country, filling stations operated by independent petroleum marketers have adjusted their prices to as high as N900 per litre in some states

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian National Petroleum Company Limited (NNPC Ltd) has addressed the current fuel scarcity in the country, which has led to pump price adjustments at filling stations.

In a statement signed by Olufemi Soneye, its chief corporate communications officer, NNPC Ltd said the current scarcity is due to distribution challenges.

Champions report that NNPC Ltd urges motorists to shun panic buying as it is working round the clock with relevant stakeholders to restore normalcy.

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Part of the statement reads:

"The NNPC Ltd regrets the tightness in fuel supply witnessed in some parts of Lagos and the FCT, which is as a result of distribution challenges.

“The Company further urges motorists to shun panic buying as it is working round the clock with relevant stakeholders to restore normalcy”.

When this is resolved, NNPC believes prices will return to normal.

Filling stations adjust fuel prices

Amid the scarcity, filling stations in Abuja, Lagos, and other states have again adjusted their petrol pump prices upwards.

Legit.ng observed that motorists were buying fuel at some open filling stations at prices ranging from N750 per litre to as high as N900 per litre, depending on locations.

A motorist, John Ekeh, at Ikotun, told Legit.ng that he paid N820 per litre.

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Daily Trust also reported changes in pump prices at filling stations in the satellite towns of the FCT selling at N1,000 per litre.

While fuel is sold at N900-N950 in Calabar, Cross River state, motorists in Kano said they bought the petrol for N950 per litre

Dangote Refinery sets date for petrol production

Legit.ng earlier reported that the Dangote Refinery pushed back petrol production from the facility due to crude oil supply challenges.

The facility initially set August 11 and 12 as the dates for the beginning of petrol production.

Sources say the refinery expects to pump its first petrol into the Nigerian market at the end of August.

Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng