Petroleum marketers have stated that the complete removed the subsidy on Premium Motor Spirit (petrol) by the Nigerian government is the reason the Nigerian National Petroleum Company Limited increased the price of the product to N1,030 and N998 per litre in Abuja, Federal Capital Territory, and Lagos State.
NNPCL retail outlets on Wednesday, adjusted their fuel pump price from N897 per liter to N1,030 on Wednesday, some weeks after fuel pump price was increased from N617 to N897 per litre.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, while reacting to the latest fuel price hike across NNPC outlets said, “It is a price template that shows that the total deregulation of the oil and gas sector and the implementation of the Petroleum Industry Act have taken off.”
“With this, I don’t think there is anything like a subsidy on petroleum products now. NNPCL is now selling as they are buying from Dangote Refinery. NNPCL is no longer a middleman for oil marketers. Marketers are to buy petrol products from Dangote Refinery. It has become a willing buyer, selling relationship. We are embracing the new NNPCL price template.”
He explained that until the NNPCL and Dangote Refinery release their petrol ex-depot prices, marketers cannot determine whether they will sell the product or not.
“Although they have not released their ex-depot prices, we are waiting for NNPCL’s ex-depot prices. Once the ex-depot prices of NNPCL and that of Dangote Refinery are released, we will now choose where to buy our petroleum products and stock our filling stations.”
Though industrial sources familiar with the development claimed Dangote Refinery had increased its petrol price to N977 per liter from N898, according to, the Refinery is yet to release a statement on its petrol price as of filing this report.
This development, has created controversy in the oil and gas sector.
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