NNPCL retail outlets raise petrol pump price to N990/Vop

RETAIL outlets owned by the Nigerian National Petroleum Company Limited (NNPCL) have reportedly adjusted upward the pump price of the Premium Motor Spirit, also known as petrol, to as high as N990 per litre.

The upward adjustment was effected across most of the NNPCL’s filling stations on Tuesday, January 21, nationwide.

The NNPCL retail outlet adjusted their pump price of petrol from N965 to N990 in the Federal Capital Territory, Abuja and from N925 to N960 per litre in Lagos.

Its new price adjustment is N20 higher than the N970 retail price the Dangote Refinery announced that all its partners would sell a pump price of petrol.

The ICIR reports that the occasional adjustments in pricing is necessitated by the petrol subsidy removal policy of President Bola Tinubu-led administration, which had seen Nigerians pay higher amount without government’s price interventions.

In a statement on Sunday, January 19, the Dangote Refinery said its partners, including Ardova, Heyden, and MRS Holdings, would offer petrol to Nigerians at a retail price of N970 per litre nationwide.

“We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT),” Dangote refinery stated.

It said further that it had made a five per cent adjustment to its ex-depot price from N899.50 to N950 per litre, adding that the increase was lower than the percentage rise in crude at the international market.

The Dangote refinery had also hinted at raising its loading gantry petrol price from N899/litre to N955/litre.