Filling stations operated by the Nigerian National Petroleum Corporation (NNPC) Limited have increased the pump price of fuel again.
Nairametrics observed that the product, which previously sold for N897 per liter in Abuja, now sells for N1,030.
At NNPC stations in Gwagwalada, Wuse, and Lugbe, in Abuja, motorists queued as they waited for attendants to commence fuel sales.
In Lagos, the fuel price has increased from N885 per liter to N998, with long queues observed at the stations.
This adjustment follows reports of a potential price hike due to NNPCL’s withdrawal as an intermediary in the Dangote Refinery purchase deal.
This marks the second upward adjustment by NNPC between September and October.
As of the time of this report, the NNPC spokesperson, Olufemi Soneye, was unavailable to confirm the price increase.
Backstory
In September, the NNPC stated that it was purchasing petrol from Dangote Refinery at N898.78 per liter and selling it to marketers at N765.99 per liter, effectively absorbing a subsidy of nearly N133 per liter.
However, the company indicated that this arrangement is no longer sustainable.
Between September 15 and 30, the NNPC lifted approximately 103 million liters of petrol from Dangote Refinery. During this period, the refinery managed to load 2,207 of the 3,621 trucks sent to it.
These trucks transported a total of 102,973,025 liters out of the intended 400,000,000 liters of petrol, which was to be lifted at a rate of 25 million liters per day.
Following the lifting, the NNPC announced new increased prices for various locations across the country.
What you should know
- In the past few months, fuel queues have been a common sight in major cities across Nigeria, leaving citizens struggling to obtain petrol.
- Despite increase in the price of fuel in September, the queues, although have reduced, still remain prevalent in some places in Lagos, Abuja, Ogun and others.
- At some point, Nairametrics reported that petrol sold for over N1000 in some states in northern Nigerians.
- The increase in price of fuel has been progressive following the phasing out of fuel subsidy, with the government still unable to control the issue of petrol supply to marketers and filling stations.
