Filling Stations Set New Fuel Prices After NNPC’s N1,030 Per Litre Adjustment
- Filling stations owned by independent oil marketers have decided to adjust their petrol pump prices
- This development follows the full deregulation of the downstream sector of the petroleum industry
- NNPC filling stations across the country have also adjusted their prices and are now selling above N1,000 per litre
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.
Independent oil marketers filling stations have adjusted the pump price of petrol to above N1,200 and N1,300, depending on locations.
The decision follows price adjustments by the Nigerian National Petroleum Corporation (NNPC) Limited filling stations.
Source: Getty Images
Legit.ng earlier reported that retail outlets of the NNPCL had adjusted the cost of the product in Abuja and Lagos from N897 per litre to N1,030 and N998, respectively, on Wednesday, October 9.
Why the new petrol prices?
Vanguard reports that the adjustments in petrol prices follow the full deregulation of the downstream sector of the petroleum industry after NNPC Limited ended its exclusive purchase agreement with Dangote Refinery, which covers the price differential to keep the product cheap.
With the new development, the market is now open for other marketers to buy petrol directly from the refinery and set prices.
Also, petrol pricing will now be based on international crude oil prices.
IPMAN speaks on new petrol prices
Abubakar Garima, president of the Independent Petroleum Marketers Association Of Nigeria (IPMAN), confirmed that the new petrol prices result from deregulation.
Speaking on ChannelsTV, he said:
"“Well, we know now that we cannot call it an increase but rather we can call the removal of subsidy deregulation. Now, deregulation has started taking place fully."
Garima noted that with the sector fully deregulated, availability will be a thing of the past.
“The change that Nigerians are going to expect now: one, we are expecting availability since there is no subsidy
“The NNPC is not the sole importer. Other marketers too will participate. It is the same thing in buying the product. Other marketers will buy products directly from Dangote [Refinery]. It is not only NNPC.”
Nigerians' reactions to new petrol price
Earlier, Legit.ng reported Nigerians' reactions to the new fuel prices and have called on NNPC Limited to reconsider its decision.
According to Nigerians who spoke to Legit.ng and reactions from social media, they believe that fuel prices are too expensive.
The latest petrol price adjustment is the third in 2024.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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