New Fuel Prices Expected In Nigeria at NNPC, MRS, Mobil, Other Filling Stations

• The changes in crude oil prices have raised hope of lower petrol pump prices at filling stations nationwide
• Oil marketers are optimistic about the new fuel prices but expressed concern that the removal of the naira-for-crude deal could delay the relief.
• Petrol refineries have even projected that fuel prices could fall to as low as N350 per litre of the deal could be sorted

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.

Oil marketers have said that petrol prices at the pump in Nigeria will reduce bring a sense of relief to motorists paying over N930 per litre.

The prediction followed global crude prices plummeting to $63 per barrel on Tuesday, April 8.

The Executive Secretary of the Major Energies Marketers Association of Nigeria (MEMAN), Clement Isong, expressed grave concerns about the economic implications of this downturn.

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Isong said:

"The extremely low price of crude oil at $65 per barrel is really bad based on the budget benchmark for this year."

Isong, however, noted that the benefits of low crude oil prices in reduced fuel costs for consumers.

He added:

"Sustained low crude prices could lead to a gradual reduction in fuel prices at the pump, offering some relief to commuters and transporters."

However, he cautioned that this would depend on the duration of the price downturn and its impact on global markets.

Refiners share challenges to achieve lower fuel prices

Similarly, the Crude Oil Refinery Owners Association of Nigeria (CORAN) has said that petrol could fall to as low as N350 per litre at filling stations.

According to CORAN, with crude prices declining sharply, there is no reason Nigerians should continue to pay as high as N900 per litre for petrol.

Eche Idoko, Publicity Secretary of CORAN, explained that the key to achieving a lower petrol price in Nigeria depends heavily on the naira-for-crude initiative.

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He stressed that petrol prices will continue to rise despite the crash in crude prices and the reduction in its landing cost.

Idoko noted that some middlemen do not want local refining to succeed, and they have since resorted to kicking against the naira-for-crude deal, Punch reports.

According to him, the price of petrol was heading to N700 per litre before the naira-for-crude deal was discontinued.

He added:

“The price will keep rising due to high FX and logistics costs. Importing refined products adds shipping expenses, and middlemen also take a cut. It is like paying agency fees when renting a house. All these factors push the price up.”

Fuel prices at NNPC, other filling stations

Ealier, Legit.ng reported that NNPC, alongside other filling stations, announced new fuel prices nationwide.

The most recent hike in fuel prices was started by MRS, a filling station partner of Dangote Refinery, which changed its petrol pump prices in Lagos and the Federal Capital Territory, Abuja, to between N930 and N960 per litre while NNPC sells at N930.

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Empire Energy, Recoil, Juda Oil, Total, Emedab, and others, likewise went up to N950 to N970 per liter.

Source: Legit.ng