The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a new petrol pump price, sparking widespread reactions from oil marketers across the country.
The Major Oil Marketers Association of Nigeria (MOMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN), and Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have reacted to the recent increase in petrol pump price by the Nigerian National Petroleum Company Limited (NNPC Ltd).
Recall that on Monday, the NNPC announced a breakdown of the new petrol prices across different states.
They are:
Borno State – N1,019.22 per litre
Sokoto State – N999.22 per litre
Kano State – N999.22 per litre
Kaduna State – N999.22 per litre
Federal Capital Territory (FCT) – N992.22 per litre
Rivers State – N980.22 per litre
Oyo State – N960.22 per litre
Lagos State – N950.22 per litre
MOMAN has expressed worries that the high price of petrol sourced from the Dangote Refinery could trigger increased importation of Premium Motor Spirit (PMS).
The association predicts price variations at filling stations, ranging from N950 to N1,200 per litre, depending on location.
“The high price of petrol from the Dangote Refinery will make it difficult for marketers to sell at the official price,” said a MOMAN official. “This could lead to increased importation of PMS, which would undermine the gains of domestic refining.”
IPMAN, which boasts of a majority of petrol stations, has also voiced concerns. National Welfare Officer John Kekeocha questioned the rationale behind higher prices for domestically produced fuel.
“If NNPC sells Dangote’s products higher than imported ones, then what was all the celebration for?” Kekeocha asked. “The pricing strategy for locally refined petrol should benefit Nigerians by offering more affordable options.”
Meanwhile, PETROAN President Billy Gillis-Harry described the petrol prices as “terrifying.” While acknowledging NNPC’s transparency in the price breakdown, he noted the national oil company did not disclose its profit margin from Dangote’s selling price.
