Fuel Price Climbs to ₦1000 Per Litre in Nigeria, As Marketers, Retailers Trade Blame

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Petroleum product marketers and retailers are trading blame as the premium motor spirit pump price nears N1,000 per litre in Nigeria.

On Monday, Theglobalnewsupdate reported that the Nigerian National Petroleum Company Limited retail outlets across the country increased fuel prices.

In Abuja, Nasarawa, and Kogi states, the NNPCL petrol pump price jumped by N65 per litre to N955 per litre on Monday from N890 dispensed at the weekend. This means that in the last 48 hours, Nigerians have had to spend more to purchase fuel nationwide.

The development comes after Theglobalnewsupdate exclusively announced that filling stations such as Ranoil, AA Rano, Shema, Empire Energy, Optima, and other petroleum product marketers adjusted their fuel pump price at the weekend to between N950 and N971 per litre in Abuja.

Theglobalnewsupdate reports that Brent and West Texas Intermediate crude futures dropped to $68.70 and $66.24 per barrel as of the time of filing the report.

IPMAN, PETROAN give reasons for fuel price increase.

The latest fuel price hike in Nigeria has been blamed on several reasons, including the fall in global crude oil price, the exchange rate, the Dangote Refinery, and the Depot Owners petrol ex-depot price increase.

While the Independent Petroleum Marketers of Nigeria blamed the exchange rate for the latest fuel price hike, the Petroleum Products Retail Outlets Owners Association of Nigeria blamed Dangote Refinery’s pricing system.

The spokesman of IPMAN and the National President of PETROAN, Chinedu Ukadike and Billy Gillis-Harry, respectively, made these perspectives known in separate interviews on Monday.

Ukadike partly attributed the recent fuel price hike to forces of demand and supply in a deregulated downstream oil industry.

He noted that the latest price adjustment is not unconnected to price reviews at petrol depots and the Dangote Refinery.

“Fuel prices went up due to forces of demand and supply.

Supplying Depots and Dangote Refinery have increased their ex-depot petrol prices.

“The cost of the Dollar is the reason for the price hike for depot owners.

“For Dangote Refinery, I can’t say categorically, but it may not be unconnected to the price of crude oil; you know the plant imports the bulk of its crude oil.

“As of Friday, Dangote Refinery is N858 per litre, NIPCO (N870), Aiteo (855), and Ranoil (N865),” he told Theglobalnewsupdate.

On his part, Gillis-Harry blamed the Dangote Refinery pricing mechanism for the latest fuel price hike.

“We should be looking at proper fuel pricing because what the Dangote Refinery is doing is not proper pricing,” he told Theglobalnewsupdate.

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