Nigerians may now buy at a retail fuel price between N1,030 and N1,150 per litre after Dangote Refinery increased its depot fuel price from N899 to N955.
The increase in price was announced to marketers in a mail sent by the Dangote Refinery Company, stating that marketers looking to buy PMS between two million and 4.99 million litres would do so at N955/litre, while five million litres and above would buy at N950/litre.
This fuel price increase has caused a lot of fueling stations to adjust their pump prices. Chinedu Ukadike, IPMAN’s spokesperson, stated that fuel will now sell for above N1,100 due to logistics reasons.
He said, “Commuters will likely pay over N1,150 per litre at faraway locations, while locations close to the depot will pay N1,100. This is because we will add about N50 logistics costs. Currently, ex-depot prices have increased to N980.
“This change is immediate because the crude oil price increase, too, is immediate.”
Billy Gillis-Harry, president of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), has said it might be too early to project the retail price of petrol as Dangote Refinery has made an upward fuel price review.
He said, “Because right now, we still have an obligation with the MRS to be selling at N935, and some of us bought products there.
So, if they change their prices because of the Dangote price, then the conversation will be different.
“After the price of buying, there must be the price of logistics. Once that is computed, we can then look at what is the most humane profit margin.”
According to reports, fueling stations in Abuja have adjusted their pump prices to at least N50 price increase, while NNPC was still selling at N965 as of Friday evening.
NaijaEyes Reports!
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