The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday, October 9, informed marketers of its upward review of the Premium Motor Spirit (PMS) ex-depot prices.
Its NNPCL Retail Limited sent a price list informing them that the ex-depot price at Calabar is N1,050 per litre.
The National Oil Company said the depot price in Lagos is N1,010 per litre while Port Harcourt ex- depot price is 1,045 and it is N1,040 per litre in Ogara, Koko and Warri.
Recall that GISTSMATE MEDIA filling stations belonging to the Nigerian National Petroleum Corporation Limited (NNPCL) have increased the pump price of fuel.
The development comes 24 hours after NNPCL’s exit as a middleman in the Dangote Refinery purchase deal.
This implies that the national oil company will no longer cover the price gap between the facility’s price and the selling price to retailers, previously absorbing a subsidy of N133 per litre.
The NNPCL’s decision is seen as a crucial shift towards a fully deregulated oil market.
Marketers would henceforth negotiate petrol prices directly with the Dangote Refinery under a “willing buyer, willing seller” arrangement, aligning with practices for other deregulated products such as diesel and kerosene.
In September, Devakumar Edwin, Vice President at the Dangote Industries, indicated that the 650,000 barrels per day refinery had begun processing petrol, with the NNPCL initially as the sole off-taker.
But recent adjustments allow independent marketers to engage with Dangote directly.
“We can no longer continue to bear that burden,” an NNPCL’s official told Premium Times, highlighting the financial strain of the subsidy system.
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