Again, NNPC Announces New Petrol Pump Prices N53 Above Dangote’s Rate
- In just a few days, NNPC Limited has adjusted petrol pump prices across its filling stations nationwide
- The latest changes mean NNPC retail outlets are now selling petrol at rates N53 higher than Dangote Refinery’s price
- There are growing concerns that petrol prices could hit N1,000 per litre, prompting calls for crude oil subsidies for local refineries
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Legit.ng journalist Dave Ibemere has extensive experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian National Petroleum Corporation (NNPC) Limited has once again raised the pump price of petrol, just 48 hours after the last increase.
Survey carried out by Legit.ng showed that petrol, which previously recently increased to N835 peer litre in Lagos has been raised by N57 to N892 over the weekend.
Source: Getty Images
In Abuja, NNPC filling stations are now dispensing petrol at N875 per litre, up from N835 per litre.
Efforts to reach NNPC spokesperson Andy Odeh for insight into the latest changes were unsuccessful.
Speaking on the development, a manager at one of the fuel stations in the Ikotun area of Lagos, who identified himself as John, said they received instructions to adjust the petrol pump price on Friday.
He said:
'We were asked to increased the pumps to N892. This could be a challenge for us given most filling stations around us are selling at lower rates."
Checks by Legit.ng showed that Ardova, MRS, First Royal, and others were selling petrol at between N835 and N840 per litre on Monday, February 2.
NNPC’s latest price increase means it is now selling petrol at N53 above the rate offered by Dangote Refinery partners such as MRS.
Marketers fear petrol could hit N1,000 per litre
Punch reports that the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike warned that rising crude oil prices and exchange rate movements could drive petrol pump prices higher across Nigeria.
He explained that crude oil prices and condensate exchange rates largely determine fuel costs, noting that any shift in either directly influences domestic petroleum prices.
Source: Getty Images
Ukadike stated that petrol prices could reach N1,000 per litre if the ongoing crude oil price surge persists, particularly in regions distant from fuel depots.
He urged the federal government to provide refineries with a special crude oil arrangement to stabilize pump prices and suggested considering a crude oil subsidy to shield consumers from global price hikes.
Dangote Refinery to become world’s 6th largest
Earlier, Legit.ng reported that Africa’s biggest oil refinery, the $20 billion Dangote Petroleum Refinery, is on track to emerge as the sixth-largest refinery globally.
Located in Lekki, the facility is undergoing upgrades to increase its processing capacity from 650,000 barrels per day to 700,000 barrels per day by the end of 2025.
Work on critical refining units, including the Residual Fluid Catalytic Cracker (RFCC), is already at an advanced stage.
The upgrade, which is to add another 50,000bpd to the facility’s nameplate capacity, will see the refinery surpass South Korea’s Onsan Refinery, which has a capacity of 669,000 bpd, to become the 6th largest in the world.
Source: Legit.ng
