Fuel Is Now N617 per Litre As NNPC Increases Pump Price, Marketers Give 3 reasons

Fuel Is Now N617 per Litre As NNPC Increases Pump Price, Marketers Give 3 reasons

  • NNPCL has announced changes in the pump price for Petrol and it could even get worst in northern states
  • In Most filling stations NNPC is selling one litre of Petrol at N617 and Independent Marketers Association of Nigeria has provided answers on why there is an increase
  • Recall that President Bola Tinubu had during his inaugural address on May 29, announced that subsidy on petrol had ended

The Nigerian National Petroleum Company Limited has adjusted its pump price of Premium Motor Spirit, popularly called petrol from N537/litre to N617/litre.

The adjustments were spotted in some filling stations Abuja on Tuesday, July 17, 2023, and it is expected the new prices will be implemented across the country.

Petrol prices in Nigeria
NNPCL has adjusted its pumps to reflect new price list Photo credit: ss
Source: UGC

Punch reports that the decision by NNPCL to adjust its prices is an indication of a rise in the pump price of PMS.

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This is because NNPCL is still the major importer of petrol into Nigeria currently, though other marketers are gradually importing the commodity.

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IPMAN gives reasons for increase

Mike Osatuyi, national operations controller, of the Independent Petroleum Marketers Association of Nigeria (IPMAN) had previously spoken on the changes.

He explained that the increase was inevitable since there is an increase in ex-depot- the price marketers buy products at the depot and it determines the price at which they will sell to motorists.

He said:

"If you want to order now for a truck, you will have like N21.8 million, we are going to increase it more than N500 because if I buy at N480/N495, what price will I sell?”

He also attributed the increase in the pump price of fuel to three factors the recent increase in crude oil prices in the international market.

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Osatuyi also noted that the dollar to naira exchange rate is another factor including commodity supply challenges.

He further stressed that the prices in northern states such as Sokoto and Maiduguri could increase to N640.

Cheaper fuels coming as FG plans 9,000 filling stations For autogas co-location

Meanwhile, Legit.ng has reported that it said some fillings stations in Nigeria had been designated as fit-for-purpose stations for autogas.

According to the federal government, there are more than 9,000 licensed filling stations across Nigeria fit for co-location of facilities that dispense autogas fuel.

The Nigerian government disclosed in a communique issued by the Nigerian Institute of Transport Technology (NITT) at the end of a stakeholders’ meeting the provision of a technical workforce and facility for developing and promoting autogas as a transport fuel in Nigeria.

Source: Legit.ng

Authors:
Dave Ibemere avatar

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.

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