As earlier predicted by industry analysts, the Nigerian National Petroleum Company Limited (NNPCL) on Wednesday adjusted petrol pump price to N1,030 per litre at its various outlets of in Abuja.
The jack up of the pump price, which is anticipated to be reflected in the state-controlled company’s outlets nationwide, was sequel to the termination of its exclusive purchase agreement with Dangote Refinery for lifting refined products.
It would be recalled that following the Federal Government’s approval of the Naira-for-crude-pact between the management of Dangote Refinery and it, the implementation of which commenced on October 1 this year, the downstream market became liberalized, making room for other marketers to source their fuel supply from the domestic refinery.
Investigations by our correspondent reflected at the Central Business District (CBD) axis of the Federal Capital Territory showed that the price adjustment had been effected at the company’s mega station and Garki zones 2, 3 as well as Jabi axis.
One of the motorists, Jeremiah Udoh, confirmed the pump price adjustment at the NNPCL’s filling station in Jabi that “we are just noticing the adjustment today because as at yesterday when I bought here it was still in the old pump price. I think the Federal Government should stop this every time increase of petrol price by marketers, particularly this NNPC which is owned by it.”
At the NNPCL’s station along Airport Road, Lugbe, another motorist, Abdul Kutigi, said: “I am yet to buy petrol here because of the long queue we have here. But I understand that they said that they won’t sell fuel to us now until they changed the price. That is the situation here now.”
Available information on the company’s fuel pump price in other locations across the country at the time of filing this report showed that in Lagos, the price had been adjusted to N998/litre; other South West states, N1,025/litre; South East region, N1,045/per litre; South-South region N1,075; and North East region, N1,070/litre.
With the latest development, analysts have projected that other marketers would likely be selling petrol at between N1,200 and N1,350 per litre, depending on the location of the filling station in the country.
They strongly believe that the upward adjustment of the pump prices of fuel will further accentuate the surging inflation rate in the months ahead with the attendant heavier burden on ordinary Nigerians.
