Oil Marketers Predict New Pump Petrol Price At Filling Stations After NNPC's Announcement
- Oil marketers have expressed their opinions on the new petrol pump prices announced by NNPC Limited
- They are concerned that the high petrol price from the Dangote Refinery will drive more companies to import PMS
- The marketers who control a large segment of the fuel market have also predicted the actual price of petrol based on NNPC's new estimates
Dave Ibemere, a journalist at Legit.ng, has been reporting on business for over ten years. He has deep knowledge of the Nigerian economy, stock market, and general market trends.
Oil marketers, including the Major Oil Marketers Association of Nigeria (MOMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), have reacted to the latest petrol prices announced by the Nigerian National Petroleum Company Limited (NNPC Ltd).
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Legit.ng reported that the NNPC announced an adjustment in its petrol pump price after purchasing in dollars from the Dangote Refinery, dashing Nigerians' hopes for a reduction.
A breakdown of petrol pricing is as follows:
- Borno state – N1,019.22 per litre
- Sokoto state – N999.22 per litre
- Kano state – N999.22 per litre
- Kaduna state – N999.22 per litre
- Federal Capital Territory (FCT) – N992.22 per litre
- Rivers state – N980.22 per litre
- Oyo state – N960.22 per litre
- Lagos state – N950.22 per litre
Major oil marketers express worries, make prediction
The Nigerian downstream sector players have expressed their opinions on the new petrol pricing announced by the NNPC Limited.
Punch reports that MOMAN has expressed worries that the high price of petrol sourced from the Dangote Refinery could trigger increased importation of petrol by other marketers.
The marketer further predicted changes in petrol prices at filling stations, stressing that the actual price Nigerians may pay could reach up to N1,200 per litre, depending on locations.
Similarly, IPMAN, which controls a large majority of petrol stations in the country, has voiced concerns about the price of petrol from the Dangote Refinery.
The group urged NNPC to ensure that domestically refined fuel does not exceed the price of imported petrol.
Speaking on Channels Television, John Kekeocha, IPMAN's national welfare officer, questioned the rationale behind higher prices for domestically produced fuel, warning that such pricing would undermine the gains of domestic refining.
He argued that the pricing strategy for locally refined petrol should benefit Nigerians by offering more affordable options.
Kekeocha remarked:
"If NNPC sells Dangote’s products higher than imported ones, then what was all the celebration for?"
More reactions to NNPC petrol price
Also speaking, PETROAN president Billy Gillis-Harry described the petrol prices announced by NNPC as "terrifying."
While acknowledging the transparency in the NNPC’s price breakdown, he noted that the national oil company did not disclose whether it profited from Dangote’s selling price.
Gillis-Harry said.
"This is the kind of transparency we need in the industry so the public understands the pricing structure. However, the good news is that PMS will be available, preventing a business shutdown due to fuel scarcity.
NNPC unveils six new locations for CNG
In related news, Legit.ng reported that NNPC Ltd called on Nigerians to consider switching to Compressed Natural Gas (CNG).
The NNPC has ramped up efforts to expand the availability of CNG at its filling stations nationwide amid rising petrol prices.
The company said CNG stations are now available in Abuja at Gaduwa, Wuse, Gudu, Dei Dei, Ushafa, and Gwagwalada.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
