Why NNPCL Increased Fuel Prices – Marketers

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Petroleum marketers have said the Nigerian government has completely removed the subsidy on Premium Motor Spirit (petrol), which led to the hike in price of the product to N1,030 and N998 per litre in Abuja, and Lagos State.

The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, made this disclosure disclosed this to DAILY POST on Wednesday.

Naijaloaded reported that NNPCL retail outlets on Wednesday increased their fuel pump price from N897 per liter to N1,030.

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.”

“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.”