Tag: Petrol

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NNPCL Increases Fuel Price

The Nigerian National Petroleum Company Limited has announced a new increase in the price of petrol.

This is as NNPCL retail outlets in Wuse Zone 6 and Zone 4 have now increased their petrol pump price to N905 per litre, up from N890.

This means that the country’s oil behemoth adjusted its fuel pump by N15, or a 1.7 per cent upward increase.
The president of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, attributed the hike to supply disruption caused by the Petroleum and Natural Gas Senior Staff Association of Nigeria and the Dangote Refinery feud.
He, however, stated that its members dispense petrol between N885 and N895 per litre.
 
“It is due to PENGASSAN’s strike disruption.However, members still sell at N885 and N895 per litre,” he told DAILY POST.
Recall that PENGASSAN’s feud with Dangote Refinery over the mass sacking of Nigerian workers led to a two-day strike action.
However, the federal government intervened, which resulted in the suspension of the strike action.
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Petroleum Tanker Somersaults in Ogbomoso, Spills Content (Photo)

A petroleum tanker has somersaulted in Oyo State.
The tanker was conveying forty five thousand litres of Premium Motor Spirit also known as petroleum before the incident which happened at Isale General in Roundabout Area in Ogbomoso, Wednesday afternoon.
The incident, according to sources close to the scene, happened when the tanker somersaulted on an open road and started discharging its contents.
However, no life was lost in the incident.
The Chairman of Oyo State Fire Service, Maroof Akinwande confirmed the incident in a statement and advised drivers to always drive with care.
He also enjoined them to observe all safety rules on the road.
“The fire personnel led by CFM Oladejo Kolawole swiftly responded and deployed to the scene of the fire incident. Upon arrival, it was a trailer tanker loaded with 45, 000 liters capacity of Petroleum Motor Spirit (PMS) somersaulted on an open road.
 
“Our men quickly engaged all necessary equipment by blanketing the area with foam chemical compound to neutralize the flammability of the content and prevent it from catching fire from surrounding.
 
“I therefore urge drivers to always drive with care and observe road safety tips”.
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Dangote Refinery Reportedly Increases Fuel Price

Dangote Refinery increased its ex-depot price of Premium Motor Spirit to N850 per litre from N820.

The National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, disclosed in an interview on Friday.

This fresh increase represents a N30 hike in the ex-depot price of petrol.

“The new ex-depot price of petrol at the refinery is N850 per litre,”Maigandi said.

He also confirmed that the plant has resumed the sale of petrol products after its suspension last week.

The implication is that petroleum product marketers and retailers will have to pay more to get petrol products from the 650,000-barrel-per-day refinery.

Meanwhile, between last weekend and Monday this week, petroleum marketers, including the Nigerian National Petroleum Company Limited, had increased their pump price to N955 per litre in Abuja before decreasing to N900.

Other filling stations like Ranoil, AA Rano, and Empire Energy currently dispense petrol between N950 and N955 per litre in Abuja.

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Nigerians Should N750 Per Litre of Petrol – World Bank

The World Bank has said Nigerians should pay around N750 per litre more than the N650 per litre currently being paid by Nigerians.
According to WB, the shortage means the Federal Government may still be paying for fuel subsidy as fuel prices are currently not cost-reflective in the country.
The bank’s Lead Economist for Nigeria, Alex Sienaert, revealed this during his presentation of the Nigeria Development Update, December 2023 edition titled, ‘Turning The Corner (from reforms and renewed hope, to results) on Wednesday in Abuja.
During the event, which is hybrid, he noted that based on the official exchange rate today, fuel should cost N750/litre.
He said, “It does seem like petrol prices are not fully adjusting to market conditions so that hints at the partial return of the subsidy, if we estimate what is the cost reflective of retail PMS price of the would-be and assuming that importation is done at the official FX rate.
 
“Of course, the liberalisation is happening with the parallel rates, which is the main supplier, the price would be even higher. These are just estimates to give you a sense of what cost-reflective pricing most likely looks like.
 
“We think the price of petrol should be around N750 per litre more than the N650 per litre currently paid by Nigerians.”
He highlighted that the bank is recommending to the government to take additional measures with its bold reforms to secure the benefits from having taken those decisions.

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