Petroleum marketers have revealed why the Nigerian National Petroleum Company Limited again increased the price of the product to N1,030 and N998 per litre in Abuja, Federal Capital Territory, and Lagos State.
 
The marketers said the reason is because the Nigerian government has completely removed subsidy on Premium Motor Spirit (petrol).
 
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, disclosed this to DAILY POST exclusively on Wednesday.
 
Ukadike was reacting to the latest fuel price hike across NNPC outlets.
 
Recall that NNPCL retail outlets on Wednesday adjusted their fuel pump price from N897 per liter to N1,030.
 
This comes weeks after NNPCL increased its fuel pump price to N897 per liter from N617.
 
Reacting, Ukadike said, “It is a price template that shows that the total deregulation of the oil and gas sector and the implementation of the Petroleum Industry Act have taken off.”

“With this, I don’t think there is anything like a subsidy on petroleum products now. NNPCL is now selling as they are buying from Dangote Refinery. NNPCL is no longer a middleman for oil marketers. Marketers are to buy petrol products from Dangote Refinery. It has become a willing buyer, selling relationship. We are embracing the new NNPCL price template.”
 
He, however, added that NNPCL and Dangote Refinery are yet to release their petrol ex-depot prices, which will determine whether marketers will sell the product.
 
“Although they have not released their ex-depot prices, we are waiting for NNPCL’s ex-depot prices. Once the ex-depot prices of NNPCL and that of Dangote Refinery are released, we will now choose where to buy our petroleum products and stock our filling stations,” he told DAILY POST.
 
This comes as a report emerged that Dangote Refinery had increased its petrol price to N977 per liter from N898, according to industrial sources familiar with the development.
 
However, Dangote Refinery has not released a statement on its petrol price as of filing this report.