Petroleum Depot owners increase the retail fuel price of premium motor spirit to N860 per litre.
Many Nigerians predicted an increase in fuel prices following the halt of the naira-for-crude negotiations between Dangote Refinery and the Federal Government.
Petroleum depot owners upped their prices for the sale of premium motor spirit by N25. This was captured on the datasheet from Thursday, which showed how the new prices for fuel per litre were increased by depot owners.
From the datasheet, several depot owners, such as Rainoil and Pinnacle, increased their fuel prices from N835 to N860, while Aiteo and Nipco changed their prices from N835 to N856 and N860 per litre respectively.
There has been no official communication from the Depot and Petroleum Products Marketers Association of Nigeria (DPMAN) on these price increases or if there would be any further shootup of fuel prices in the future.
Hammed Fashola, the National Vice-President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the prices rose due to the naira-for-crude situation between Dangote Refinery and the Federal Government.
Fashola said, “On Tuesday we closed with N825 to N826, but on Wednesday afternoon, prices started increasing again to N835 to N836 per litre.”
It was no coincidence that the prices started to rise on Wednesday after Dangote Refinery announced on the same Wednesday that it’s stopping the sale of petroleum products in Naira.
Before the announcement by Dangote Refinery, petroleum products were selling at a depot price of N815 per litre.
Although there may be light at the end of the tunnel, as NaijaEyes recalls, Dangote Refinery and NNPCL’s Naira-for-crude panelists are scheduled to have a meeting on Monday with regards to the contract re-negotiations.
However, at the time of writing this report, the depot prices have remained unchanged and maintain a sale value of N860 per litre.
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