NNPCL Petrol Station
…As Dangote Begs marketers to come and buy fuel
Strong indications are rife that key major happenstances within the nation’s oil and gas industry hardly follow global trends and economic principles. The latest is the sudden hike in the price of fuel by the NNPC Limited (NNPCL), who has again increased the price of Premium Motor Spirit (PMS), also known as petrol, across its retail outlets.
The hike from N855 per litre set in September to N998 per litre on 3 October is from yesterday, to N1,030 and N1,060 between Lagos and Abuja.
This latest rise is the second increase this month at a time marketers are heading abroad to buy PMS instead of buying from Dangote on grounds of difficult pricing template.
But Aliko Dangote says he has well over 500m litres of PMS but marketers are dodging to place order.
Amidst all these back and forth, NNPCL spokesman says there is no hike in price of PMS, but was silent on why their outlets are changing prices after all.
Globally known principle in oil retail pricing is that whereas crude oil drops in prices, products prices also drop, but here in Nigeria, product prices are rising contrary to global principles.
At the NNPCL retail outlets located at Ago Palace Way, Okota, Lagos on Tuesday, the price of PMS was increased to N1,025 per litre.
In Abuja, at the Federal Housing, Kubwa, an NNPCL retail station sold the product at N1,050 per litre.
Other private filling stations such as Mobil, Rain Oil, and AA. Rano have also adjusted their prices to between N1,100 to N1,250 per litre.
The increase comes more than one month after the NNPCL commenced petrol lifting at the Dangote Petroleum Refinery’s gantry after an extended period of price negotiations.
On 15 September, the NNPC said petrol was bought from Dangote refinery at N898 per litre.
The Dangote refinery countered NNPC’s claim, describing it as “both misleading and mischievous”.
A day after, the national oil company announced estimated pump prices based on prices set by the Dangote refinery for its petroleum products, saying petrol will sell for N950 in Lagos and N999 in Abuja.
On 10 October, the Independent Petroleum Marketers Association of Nigeria (IPMAN) asked NNPCL to refund the oil marketers’ money or to sell petrol to its members at the Dangote refinery rate.
IPMAN said its members’ money has been with NNPCL for over three months.
According to the association, NNPCL collected PMS from the Dangote refinery below N900 per litre, but NNPCL wants oil marketers to buy the same product at the rate of N1,010 in Lagos, N1,045 in Calabar, N1,050 in Port Harcourt, and N1,040 in Warri.
On 11 October, the Federal Government said oil marketers can now buy petroleum products directly from the Dangote refinery and other local producers — one week after directing the Dangote refinery to sell petrol to only the NNPCL.
