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NNPC Increases Fuel Price To N1030 Per Litre

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NNPC, Nigerian National Petroleum Company has raised its pump price of petrol in Abuja by 14.8 per cent to N1,030 per litre from N897.

The latest price increase makes it the second time the petrol price has been hiked in the past month.

The company had in September increased the pump price from N615 per litre to N897.

Recall that on Monday, the Nigerian National Petroleum Company Limited (NNPC Ltd) ended its exclusive purchase agreement with Dangote Refinery, opening up the market for other marketers to buy petrol directly from the refinery.

This means the NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery.

This development aligns with the current practices for fully deregulated products, where refineries can sell directly to marketers on a willing buyer, willing seller basis.

Meanwhile, PREMIUM TIMES observed Wednesday morning that NNPC Ltd outlets in the Central area of Abuja, the Federal Capital Territory, adjusted the pump price of petroleum to N1,030.

At the station, Glory Okoye, a customer who spoke to PREMIUM TIMES, said: “This is funny; I just noticed that the pump price has changed from N897 to N1,030.”

A motorist told PREMIUM TIMES that the outlets sold petrol in the early hours of Wednesday but dropped midway, claiming that one of its generating sets was faulty.

Also, recall that NNPC had claimed in September that it was buying petrol from Dangote Refinery at N898.78 per litre and selling to marketers at N765.99 per litre, shouldering a subsidy of almost N133 per litre.

However, the company said this arrangement is no longer sustainable.

The NNPC lifted about 103 million litres of petrol from Dangote Refinery between September 15 and 30. The refinery was able to load 2,207 of the 3,621 trucks sent to it within the period under review.

The vehicles carried just 102,973,025 litres of the planned 400,000,000 litres of petrol earmarked to be lifted from the refinery at 25 million litres per day. That translated to just 26 per cent performance, records seen by PREMIUM TIMES show.

More details later…

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