The Nigerian National Petroleum Company Limited NNPCL has approved an upward review of pump price of petrol.
The review, which ranges from N868/liter to N930/litre was communicated to all stakeholders, and it’s to be effected immediately (today, September 3, 2024.)
In Lagos, the new price is N868 as opposed to an initial price of N618/liter; in the South East, the recommended price N940 which is sharp contrast to the initial price of N690/liter.
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Also in the South-South, the fuel price which was formally N683, will be going for N933/liter, in the South-West, buyers will be purchasing the commodity from N890 -N895 as against the former price of N640-N645 per liter.
In Edo State (South-South) the recommended price for petrol is N910 as against the initial price of N660, while in Kano and Kaduna the pump price is pegged at N939.
However in FCT, Keffi and environs, the fuel price skyrocketed from N668 to N918 per liter, while in Akwanga the current price is pegged at N919 per liter.
In the North Central fuel will sell between N920 and N930.
Earlier, the Minister of Petroleum Resources, Heineken Lokpobiri had distanced his office from an impending hike in petrol price, and clarified that such decision rests entirely with the NNPCL management.
Dismissing the report in a statement Tuesday, the Special Adviser, Media and Communication to minister, Nnemaka Okafor declared that the report was concocted and ill-conceived to sow discord and confusion in the oil industry.
Okafor stressed that there was never a time the government interfered with petroleum pricing by the NNPCL, let alone give directives for price increment.
“Such a claim is entirely devoid of truth and should be recognised as an intentional effort to mislead the public. It must be stressed that NNPCL operates as an independent entity under the Companies and Allied Matters Act, with a fully empowered Board of Directors.
“The Ministry of Petroleum Resources does not, and will not, interfere in the internal decisions of NNPCL, including pricing matters. Any suggestion otherwise is not only incorrect but also reveals a profound misunderstanding of the deregulated nature of Nigeria’s petroleum sector,” said Okafor.
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