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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 voiced their concerns following the recent increase in petrol pump prices by NNPC Ltd.
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On Monday, NNPC released a breakdown of the new petrol prices across different states:
- Borno State: ₦1,019.22 per litre
- Sokoto State: ₦999.22 per litre
- Kano State: ₦999.22 per litre
- Kaduna State: ₦999.22 per litre
- Federal Capital Territory (FCT): ₦992.22 per litre
- Rivers State: ₦980.22 per litre
- Oyo State: ₦960.22 per litre
- Lagos State: ₦950.22 per litre
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MOMAN has expressed concerns that the high price of petrol sourced from the Dangote Refinery could lead to increased importation of Premium Motor Spirit (PMS). The association predicts price variations at filling stations, ranging from ₦950 to ₦1,200 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 represents a majority of petrol stations, has also raised questions. 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 that the national oil company did not disclose its profit margin from Dangote’s selling price.
