Depots Announce New Petrol Prices As NNPC Adjusts Pumps Nationwide

• Depots across the country today increased their petrol prices for marketers buying for their filling stations
• At least 12 private depot owners adjusted their prices following the footsteps of NNPC, which also increased its retail prices
• Filling stations purchasing from these depots are now expected to adjust their pump prices to maintain profit margins

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Private depot owners have increased petrol prices from an average of N840 per litre to as high as N880, leaving marketers with a decision to make.

Market data showed that at least 12 depots have adjusted their prices, with increases ranging from N7 to N35 per litre.

The changes are expected to trickle down to filling stations, which are likely to revise their pump prices to maintain profit margins.

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Again, NNPC increases petrol prices: Lagos, Abuja, other states filling stations sell above N900

Petroluemprice.ng reports that on October 13, depots such as Sobaz, Fynefield, and Masters led the increase with N30 to N35 per litre increase.

While Aiteo was the only depot that recorded a decline of N15.

Here is a snapshot of the changes

• Pinnacle: N877, +N7 (0.80%)
• Aiteo: N875, -N15 (-1.69%)
• Fynefield: N900, +N30 (3.45%)
• TSL: N890, N/A
• Sobaz: N900, +N35 (4.05%)
• Menj: N870, +N20 (2.35%)
• Liquid Bulk: N890, +N25 (2.89%)
• Emadeb: N869, +N19 (2.24%)
• Sigmund: N890, +N26 (3.01%)
• Masters: N890, +N30 (3.49%)
• Intergrated: N870, +N20 (2.35%)
• Prudent Oghara: N880, N/A
• Matrix Warri: N885, +N25 (2.91%)
• Rainoil Delta: N870, +N10 (1.16%)

NNPC increases prices

Also, the Nigerian National Petroleum Company Limited (NNPC Limited) increased petrol prices on Monday, October 13, across the country.

The new pricing template indicates that petrol will now sell for over N900 per litre in all states, with some approaching N1,000 per litre.

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Analysis by Legit.ng on the new prices across the states showed that in Lagos, motorists now pay N922 per litre, up from N870, while in Abuja, the price has risen to N955 from N905.

A state-by-state breakdown showed that the highest price is in Kwara, where petrol now sells for N975 per litre, followed by Gombe and Sokoto at N965.

The lowest prices were recorded in Ondo and Osun, both at N900 per litre.

Here are the states with the 10 highest prices:

• Kwara: N975
• Gombe: N965
• Sokoto: N965
• Abuja: N955
• Akwa Ibom: N955
• Abia: N945
• Niger: N945
• Bayelsa: N935
• Delta: N935
• Edo: N935

Dangote Refinery denies importing 'dirty' petrol

Earlier, Legit.ng reported that Dangote Petroleum Refinery dismissed media reports alleging that it is importing finished petrol with high sulphur content into Nigeria.

The refinery described the report claims as “false, malicious, and misleading.”

The company clarified that the shipment in question was an intermediate feedstock, not finished petrol, which will undergo further processing at the refinery to meet Nigerian and international quality standards.

Dangote Petroleum Refinery stressed that it produces and sells only high-quality fuels compliant with all regulatory specifications.

Proofreading by Funmilayo Aremu, copy editor at Legit.ng.

Source: Legit.ng