Oil Marketers Reveal Real Reason NNPC Increased Petrol Price in Nigeria

Oil Marketers have revealed the real reason NNPC increased petrol price in Nigeria.

Newsone Nigeria reports that petroleum marketers have said the Nigerian government has completely removed the subsidy on Premium Motor Spirit (petrol), which is the reason the Nigerian National Petroleum Company (NNPC) Limited increased the price of the product to N1,030 and N998 per litre in Abuja, Federal Capital Territory, and Lagos State, Nigeria’s commercial city.

This online news platform understands that the spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, disclosed this to DAILY POST  on Wednesday.

The IPMAN spokesman made this disclosure in reaction to the latest petrol price increase across the Nigerian National Petroleum Company outlets in the country.

Reacting to the development, 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.”

However, the IPMAN spokesman 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.