Nigerians have been hit with a fresh fuel price hike as NNPC Limited released a new pricing template, increasing pump prices by approximately N95 per liter nationwide.
The surprise move comes after an earlier price increase of over 45% two weeks ago, in anticipation of the Dangote Refinery’s output. However, negotiations between the Federal Government and Dangote Refinery resulted in NNPC Limited becoming the sole off-taker of petrol from the refinery.
According to NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, Dangote petrol will not sell cheaper. A document revealed that petrol from the refinery will cost N898 per liter, with additional costs pushing the pump price in Lagos to N950.22 per liter, up from N855 per liter.
Prices have also increased across the country, with Abuja now at N992.22 per liter, Kaduna, Kano, and Sokoto at N992.22, and Borno at N1,019 per liter.
NNPC insisted it loaded the product at N898 per liter from Dangote and challenged anyone with contrary figures to make them public. The company emphasized that PMS prices are negotiated directly between parties at arm’s length, in line with the Petroleum Industry Act (PIA).
Independent marketers warned that consumers should expect to pay up to N1,200 per liter in their outlets, as NNPC’s new pricing template takes effect.
