After NNPC, other filling stations increase petrol price, New cost emerges

• Recent steep increases successful the terms of gasoline could exacerbate Nigerians' fiscal problems
• Fuel prices were raised by the Nigerian National Petroleum Company Limited from N880 to N950 per liter
• This suggests that drivers volition person to wage an further N70 for a liter of gasoline successful the coming days

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Premium Motor Spirit, besides referred to arsenic petrol, has seen a crisp emergence successful terms recently, which could marque Nigerians' fiscal difficulties worse.

Photo Credit: Contributor
Source: Getty Images

The astir caller hike successful substance prices was started by MRS, a filling presumption spouse of Dangote Refinery, which changed its petrol pump prices successful Lagos and the Federal Capital Territory, Abuja, to betwixt N930 and N960 per litre.

The substance pump prices of different substance marketers, including Empire Energy, Recoil, Juda Oil, Total, Emedab, and others, likewise went up to N950 to N970 per liter.

Additionally, connected Wednesday, the retail locations of the Nigerian National Petroleum Company Limited increased the terms of their substance from N880 per liter to N950.

This implies that successful the upcoming days, drivers would person to walk N70 other for a liter of gasoline.

The improvement coincides with Dangote Refinery suspending the merchantability of gasoline products successful Naira. This comes aft Dangote Refinery and the national government, done NNPCL, began the naira-for-crude merchantability agreement.

President Bola Ahmed Tinubu announced a reorganization of the NNPCL connected Wednesday.

Despite the driblet successful planetary crude prices, section lipid costs successful Nigeria are rising. At the clip of this report, Brent lipid was trading astatine $65.42 a barrel, down from $72 the erstwhile week, portion United States West Texas Intermediate was trading astatine $62.15 per barrel, down from supra $65.

Meanwhile, Legit.ng reported that determination is hostility successful the downstream lipid assemblage arsenic players await the determination of the Nigerian authorities connected the naira-for-crude woody between the National Petroleum Company Limited and the Dangote Refinery.

The six-month deal, which started successful October past year, ends connected March 31, 2025.

Fuel prices person skyrocketed astatine state stations crossed the state arsenic a effect of naira-for-crude deal's postponement and the emergence successful crude lipid prices. Photo Credit: Contributor
Source: Getty Images

Stakeholders are eagerly waiting for the deal's hold oregon a halt arsenic the parties progressive person yet to agree.

Following the hold successful renewing the woody and the summation successful crude lipid prices, petrol prices person soared astatine filling stations nationwide.

Legit.ng had reported that prices roseate from N860 per litre to implicit N930 successful 1 week. Dealers person blamed the summation connected the inability of the Nigerian authorities to widen the naira-for-crude woody betwixt refineries and the NNPC.

Petrol presumption owners question assistance connected substance pricing

Legit.ng reported that the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) is proposing a mechanics to encourage terms stability for astatine slightest six months.

In a caller statement, PETROAN voiced its enactment for the diversification of petroleum merchandise supplies, including imports and section refinery operations.

According to the association, steadfast contention and the curbing of terms fluctuations wrong the downstream assemblage were precise important.

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Source: Legit.ng