The Nigeria National Petroleum Company Limited (NNPC) has increased the petrol price to N850 per litre while private operators are to pick their fuel at an ex-depot price of N950 per litre.
It means, that the retail price of fuel at the private filling stations will be above N1000 per litre if the dealer’s margins, transportation, and union fees are added to the ex-depot price
The increment it was gathered was to encourage the Dangote Refinery to start producing petrol, which it has started to do today
At a landing cost of N1,118 per litre, the NNPCL can no longer sustain the importation of fuel which it sells at prices far below the landing cost.
Efforts to get the reaction of the NNPCL Chief Corporate Communications Officer, CCCO, Femi Soneye, failed as neither the email nor the WhatsApp messages sent him responded to
Some industry operators who spoke to Business Standards and who confirmed the development said that they were taking off guide because of this development which was not even discussed with them.
Details later…..