The petrol marketers have explained why the Nigerian National Petroleum Company Limited again jacked up the price of the product to N1,030 and N998 per litre in Abuja, Federal Capital Territory, and Lagos State respectively.
This, according to them, is because the government of Nigeria has completely removed subsidy on Premium Motor Spirit popularly called petrol.
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The spokesman of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike told Newsmen on Wednesday.
Ukadike was reacting to the latest increase in fuel price across NNPC outlets.
Recall that NNPCL retail outlets, on Wednesday, adjusted their fuel pump price from N897 per liter to N1,030.
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This comes weeks after NNPCL increased its fuel pump price to N897 per liter from N617.
Reacting, Ukadike said, “This is a price template that indicates the absolute deregulation of the petroleum and gas industry and the kick-off of the Petroleum Industry Act.
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.
He, however, said NNPCL and Dangote Refinery are yet to release their ex-depot prices of petrol, which will determine whether marketers would sell the product or not.
“Though 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 can now decide where to buy our petroleum products to stock our filling stations,” he told DAILY POST.
This is coming as a report emerged that Dangote Refinery had hiked its petrol price to N977 per liter from N898, according to industrial sources familiar with the development.
However, Dangote Refinery has not released a statement on its petrol price as of filing this report.
