Sallah: Filling Stations Announce New Petrol Pump Price
- Filling stations have started adjusting their fuel pump prices following the increase in ex-depot prices
- Checks by Legit.ng revealed that petrol prices at several filling stations visited are now above N860 per litre
- Other filling stations remain closed as managers await instructions from their head offices on the next price
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.
Fuel station owners have changed the price of one litre of Premium Motor Spirit, popularly known as petrol.
Checks by Legit.ng show that filling stations have increased their pump prices to between N890 to N900 per litre.
Source: Getty Images
The new prices represent an increase of over N30 when compared to the previous average of N870 per litre.
Aside from the price change, many filling stations in Lagos were also closed, with workers standing around.
Aliyu, a manager at a filling station visited by Legit.ng, confirmed the price changes.
He explained:
"We got the instructions from the headquarters on Wednesday to stop selling and on Thursday evening to adjust our pumps from N875 per lire to N900 per lire.
"We are still expecting further increase. But for now we sell at N900 per litre."
Legit.ng visited NNPC filling stations, where prices remained at N860 per litre, while Ardova filling station in Ikotun sold at N875 per litre.
Mobil filling stations have also adjusted their pump price to N900, while Matrix sells just above N900.
Source: Getty Images
Why do fuel prices increase
New data from the Major Energy Marketers Association of Nigeria (MEMAN) on Wednesday, March 27, indicated that the landing cost of imported petrol rose to N885 per litre.
This represents an increase of N88 in one week compared to the previous price of N797.
According to BusinessDay, depot owners also raised prices, with private depots in Lagos increasing loading costs to about N900 per litre, up from under N850 before the announcement.
Matrix Warri increased its depot price by N22, from N852 to N875 per litre, while Zamson Depot raised its price from N853 to N875 per litre.
Rainoil Depot also increased its price from N853 to N875 per litre, while Pinnacle Warri and Sobaz adjusted their prices from N854 and N850 to N870 and N875 per litre, respectively.
The development followed Dangote Refinery's decision to halt the sale of petrol in naira, citing a mismatch between sales proceeds and crude oil purchase obligations.
Dangote said:
"To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency."
FG schedule meeting after Dangote ends petrol sales in naira
Ealier, Legit.ng reported that the technical sub-committee on the naira-for-crude policy set up by the Federal Ministry of Finance and the Federal Ministry of Petroleum Resources has scheduled a meeting on Monday, March 22, to explore viable solutions to the challenges of supplying products to the Dangote refinery.
The committee mandated the Nigerian Upstream Petroleum Regulatory Commission (NMPDRA) to come up with options that the panel would review as it struggled to revive the naira-for-crude deal.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.
Kola Muhammed (Copyeditor) Kola Muhammed is an experienced editor and content strategist who has overseen content and public relations strategies for some of the biggest (media) brands in Sub-Saharan Africa. He has over 10 years of experience in writing and (copy)editing.
