ADVERTISEMENT

Here's why NNPCL increased fuel pump prices again

Amidst the changes, fuel marketers find themselves in a state of anticipation, eagerly awaiting the official ex-depot prices from NNPCL and Dangote Refinery.

Nigeria's fuel scarcity set to worsen as NNPCL admits $6bn debt to petrol suppliers

Reacting to the price spike, Independent Petroleum Marketers Association of Nigeria (IPMAN) spokesperson Chinedu Ukadike said, "This is a price template that reflects the total deregulation of the oil and gas sector under the Petroleum Industry Act."

Ukadike further revealed that the NNPCL has shifted its fuel procurement strategy, now directly purchasing from the influential Dangote Refinery.

This move, coupled with the complete removal of the subsidy, marks a significant shift in the oil and gas sector.

ADVERTISEMENT

In alignment with the new structure, NNPCL has shifted from its role as a middleman to adopting a 'willing buyer, willing seller' model, which allows marketers to procure products directly from Dangote Refinery.

"NNPCL is no longer a middleman for oil marketers," Ukadike added. "Marketers are to buy petrol products from Dangote Refinery, embracing the new NNPCL price template."

Amidst the changes, fuel marketers find themselves in a state of anticipation, eagerly awaiting the official ex-depot prices from NNPCL and Dangote Refinery.

These prices will be crucial in shaping retailers' pricing decisions, underscoring the need for reliable and timely information in the current market.

ADVERTISEMENT

"Once the ex-depot prices of NNPCL and that of Dangote Refinery are released, we will choose where to buy our petroleum products," Ukadike explained.

Despite these adjustments, Dangote Refinery's petrol prices reportedly rose to ₦977 per litre, though no official statement has confirmed this increase.

Earlier, NNPCL revealed it bought petrol from Dangote at ₦898 per litre, a figure disputed by Dangote Group spokesperson Anthony Chiejina, who declined to provide an alternative price.

This latest increase, following swift adjustments from ₦617 to ₦897 in recent months, underscores a contentious period in Nigeria's oil sector as stakeholders and consumers brace for the implications of the subsidy's end.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Education Minister wants FG to revive Jonathan's Almajiri system of education

Education Minister wants FG to revive Jonathan's Almajiri system of education

Oba of Benin urges NDLEA to explore medical potentials of marijuana

Oba of Benin urges NDLEA to explore medical potentials of marijuana

Like Ebang, Bauchi man posts on Facebook photos of women he had 'sexual relationships' with

Like Ebang, Bauchi man posts on Facebook photos of women he had 'sexual relationships' with

Wike promises to complete dualisation of major FCT township road in December

Wike promises to complete dualisation of major FCT township road in December

Troops kill 481 terrorists, arrest 741 suspects, says Lagbaja's death won't stop us

Troops kill 481 terrorists, arrest 741 suspects, says Lagbaja's death won't stop us

Kyari gets 72 hours ultimatum to resign as NNPCL boss

Kyari gets 72 hours ultimatum to resign as NNPCL boss

US told to issue visa ban to Nigerian Senator linked to terror suspect

US told to issue visa ban to Nigerian Senator linked to terror suspect

Gov Adeleke declares 3-day mourning for late Chief of Army Staff, Lagbaja

Gov Adeleke declares 3-day mourning for late Chief of Army Staff, Lagbaja

Abducted Edo Catholic Priest released after 11 days in captivity

Abducted Edo Catholic Priest released after 11 days in captivity

Pulse Sports

'I will pick him everyday' - Paul Pogba settles Ronaldo vs Messi debate

'I will pick him everyday' - Paul Pogba settles Ronaldo vs Messi debate

Cristiano Ronaldo surpasses the world’s richest female musician on YouTube who is 2 times richer than him

Cristiano Ronaldo surpasses the world’s richest female musician on YouTube who is 2 times richer than him

Most Beautiful: Sha'Carri Richardson turns up with 'boyfriend' Christian Coleman for Cowboys-Falcons game receiving loud ovation

Most Beautiful: Sha'Carri Richardson turns up with 'boyfriend' Christian Coleman for Cowboys-Falcons game receiving loud ovation

'Thank you Lookman' - Nigerians appreciate CAF POTY nominee for helping Osimhen get 'revenge' against Napoli

'Thank you Lookman' - Nigerians appreciate CAF POTY nominee for helping Osimhen get 'revenge' against Napoli

Victor Osimhen reaches out to ex-Super Eagles striker Ighalo after heartbreaking loss

Victor Osimhen reaches out to ex-Super Eagles striker Ighalo after heartbreaking loss

Our Happy Place: Noah Lyles and Junelle Bromfield become home owners

Our Happy Place: Noah Lyles and Junelle Bromfield become home owners

ADVERTISEMENT
ADVERTISEMENT