BADNEWS For Nigerians As NNPCL Official Makes Another Shocking Announcement About New Petrol Price; SEE What Was Revealed
The Nigerian National Petroleum Company Limited (NNPC) is preparing to implement a new pricing strategy for petrol, following its recent procurement of approximately 103 million liters from Dangote Refinery between September 15 and September 30, 2024. This information was shared by sources close to the situation.
BADNEWS For Nigerians As NNPCL Official Makes Another Shocking Announcement About New Petrol Price; SEE What Was Revealed| image 2
During this timeframe, Dangote Refinery successfully loaded 2, 207 out of a total of 3, 621 trucks, delivering 102, 973, 025 liters of the targeted 400 million liters of petrol. This output represents only 26 percent of the anticipated production, according to records obtained.
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On September 15, the Nigerian National Petroleum Corporation (NNPC) commenced the lifting of petrol from the Dangote Refinery, securing its position as the sole off- taker of the product. Along with this, the NNPC set a purchasing price of ₦898. 78 per liter from the refinery. However, it began selling the petrol to marketers at a lower price of ₦765. 99 per liter. This arrangement results in an effective subsidy of approximately ₦133 per liter.
As deliveries from Dangote Refinery reach fueling stations across Nigeria, the NNPC has indicated that petrol prices will increase to reflect depot sale prices, statutory fees, transportation expenses, and regional distribution challenges. Despite this announcement, petrol prices at NNPC stations have fluctuated between ₦855 and ₦897 over the past month, influenced by geographic location.
However, as NNPC’ s inventory of imported petrol dwindles and reliance on Dangote Refinery’ s shipments increases, industry insiders are cautioning that an increase in pump prices is unavoidable. Previously, the company had released a pricing template on September 16 that projected petrol prices at its Lagos stations would rise to ₦950. 22 per liter, ₦980. 22 in Rivers State, and ₦992. 22 in Abuja.
The pricing template further estimated that costs could reach ₦999. 22 per liter in Nigeria’ s North- West region, with prices in Borno and other North- Eastern states potentially climbing to ₦1, 019 per liter. In the South- East region, consumers would pay ₦980. 22 per liter while those in South- West states such as Oyo and Ogun would see prices around ₦960. 22 per liter.
Despite these projections, insiders have indicated that the pricing template from September 16 may no longer be accurate due to ongoing fluctuations in foreign exchange rates and rising crude oil prices amid escalating tensions in the Middle East. With crude oil now trading above $78 per barrel and the naira valued at approximately ₦1, 660 to a dollar as of Sunday, experts suggest that petrol prices could soon exceed ₦1, 350 per liter in Nigeria.
On September 3, NNPC had already raised petrol prices at its pumps from ₦617 per liter to a range between ₦855 and ₦897 depending on location. As these developments unfold, both consumers and industry stakeholders are bracing for further changes in fuel pricing across the nation.
