NNPC increases petrol price to N897 per litre

The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of Premium Motor Spirit to N897 per litre across the country.

Sources told The Guardian that “marketers were informed this morning of N870 after which they add their margins.”

The Guardian’s check at some fuel stations of the NNPCL, showed that the new price had taken effect.

While the prices would be higher in retail outlets of independent and major marketers, NNPC Retail would sell in Abuja N897, in Kano, pump has been fixed for N904, while Yola is trading at N924 per litre.

This comes barely five hours after Dangote released products from its refinery to supply an initial 25 million litres of PMS into the domestic market this September.

The company is now expected to subsequently increase this amount to 30 million litres daily from October 2024.

Before this, the NNPCL, the sole importer of petrol into Nigeria, consistently denied subsidising the cost of PMS but refused to disclose the landing cost of the product.

However, it admitted on Sunday that it is facing a financial strain due to the supply costs of the PMS.

Amid fuel scarcity of petrol products, another group of marketers claimed that the government has authorized fuel price to be N1000 per litre, a claim the Federal Government denied.

Minister for Petroleum Resources (Oil), Senator Heineken Lokpobiri in a statement by his media aide, Nnemaka Okafo, described the claim as a ploy to sow discord and confusion in the oil industry.

Nnemaka said “there was never a time FG interfered with petroleum pricing with NNPCL, let alone give directives for price increment.

“We categorically condemn these claims as baseless, malicious, and a deliberate attempt to incite public discontent.”