Against the backdrop of a new increase in petrol price, marketers have adopted a wide range of price differentials nationwide with petrol stations owned by the Nigerian National Petroleum Company Limited, NNPCL, among the highest pump prices.
The latest upward adjustment has fixed the base price at N855 per litre, NNPCL Retail stations, especially in Abuja, are selling at N997, the second highest to some independent marketers selling at N1,018. But outside Abuja and Lagos, some independent marketers were selling as high as N1,300/ltr.
Moving across the cities of Abuja and Lagos, Vanguard saw filling stations displaying different prices with NIPCO adjusting from N700 to N955 per litre, Conoil from N660 to N940 per litre, and independent marketers from N930 to N1,018 per litre.
With the latest upward price review under President Bola Ahmed Tinubu, the price of petrol has now risen by over 355%, from N197 per litre on May 29, 2023, to N897 on September 3, 2024. The percentage increase is nearly 400% when considered the highest pump prices by independent marketers.
The latest increase, which took effect just two days after the company acknowledged owing suppliers approximately $6.8 billion, has triggered widespread condemnation across various sections of Nigerians.
Despite the new prices, queues at filling stations remained long yesterday evening, as many outlets were still without the product. This also fueled a thriving black market, with a litre selling at N1,500 in most locations in Abuja and Lagos.
When contacted, NNPC’s Chief Communications Officer, Mr Olufemi Soneye said he was not aware of any price increase.
“I’m not aware of this. Thank you for reaching out. I have no comment on the matter at this time. If there are any updates, I will make sure to inform you. I appreciate your understanding”, he responded via WhatsApp.
An unconfirmed trending message on social media platforms related to NNPCL Retail had earlier hinted of the petrol pump price. The message read: “Good Morning All, This is to inform you that NNPC Retail Management has approved an upward review of PMS pump price from N617/itre to N897/liter effective today, 3rd September 2024.