Marketers reveal why petrol prices could hit N1,000 per litre again

• Oil marketers person predicted caller petrol prices pursuing the illness of the naira-for-crude woody and the emergence successful crude lipid prices
• As Nigerians await the renewal of the deal, prices person accrued to N930 successful Lagos from N860 and N960 successful the acold North
• Oil marketers said that petrol prices could deed N1,000 per litre arsenic Dangote Refinery and NNPC get acceptable to merchandise caller terms lists

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

There is hostility successful the downstream lipid assemblage arsenic players await the determination of the Nigerian authorities connected the naira-for-crude woody betwixt the National Petroleum Company Limited and the Dangote Refinery.

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

Marketers springiness a crushed for the summation successful petrol prices Credit: Bloomberg/Contributor
Source: Getty Images

Petrol prices soar crossed Nigeria

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 earlier reported that prices person risen 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.

Oil marketers foretell caller prices

Oil marketers person besides projected further increases successful petrol prices, saying the outgo whitethorn deed N1,000 per litre successful weeks if measures are not enactment successful spot to renew the deal, which has helped to cheque the summation successful petrol prices.

Punch reports that the Dangote Refinery is expected to unopen down its petrol-producing portion for maintenance.

Reuters reports that the attraction whitethorn hap successful June and volition past 30 days.

Reports accidental NNPC precocious said that Dangote Refinery received astir 48 cardinal barrels nether the naira-for-crude deal.

NNPC spokesman, Olufemi Soneye, disclosed that the archetypal woody was for six months and discussions for the renewal were inactive ongoing to found a caller contract.

Dangote pauses petrol merchantability successful naira

Legit.ng reported that the Dangote Refinery announced a halt successful the merchantability of petroleum products successful naira to marketers, starring to a hike successful petrol prices.

Dangote Refinery’s announcement led to an summation successful petrol prices successful depots to N900 per litre from N850.

Retail stations besides raised their pump prices successful Lagos to N930, N950 successful Abuja and N960 successful the acold North.

According to reports, the nationalist publicity caput of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said the crushed for the terms summation was owed to the illness of the deal.

He said stakeholders person convened a gathering to illustration a mode forward.

IPMAN’s vice president, Hammed Fashola, said that Nigerians mightiness revert to buying petrol astatine N1,000 per litre if the naira-for-crude statement is jettisoned. 

Fashola described the terms hike arsenic unfortunate, asking depot owners and marketers nether the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) to reconsider their caller terms offerings.

Marketers foretell N1,000 per litre arsenic caller price

He said the NNPC and Dangote Refinery whitethorn officially merchandise caller petrol prices aft the holidays.

Dangote Refinery and NNPC acceptable to denote petrol prices Credit: Bloomberg/Contributor
Source: UGC

The IPMAN VP said prices whitethorn deed N1,000 successful the coming days, saying the naira-for-crude woody could person been a crippled changer.

Dangote wantonness NNPC to import crude

Legit.ng earlier reported that Dangote and different modular refineries successful Nigeria whitethorn walk astir $8.56 cardinal to import astir 122,400,000 barrels of crude lipid successful six months to run astatine afloat capacity.

The improvement means that the refineries whitethorn walk astir $1.43 cardinal monthly connected crude imports into Nigeria amid the illness of the naira-for-crude woody betwixt the refineries and the Nigerian government.

The mega Dangote Refinery whitethorn walk the magnitude implicit the uncertainty surrounding the Domestic Crude Supply Obligation of the Nigerian government.

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Source: Legit.ng