The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol, from N537 to N617 per liter. The pump price of petrol is also known as Premium Motor Spirit (PMS).
This adjustment was observed at some filling stations in Abuja and is expected to be implemented nationwide. The decision by NNPCL indicates an increase in the pump price of petrol.
According to Mike Osatuyi, the National Operations Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), the price increase was inevitable due to the rise in the ex-depot price.
The ex-depot price is the price at which marketers purchase petroleum products from depots, and it influences the selling price to consumers. Osatuyi explained that the increase in ex-depot price necessitated the upward adjustment in the pump price.
Osatuyi also mentioned three factors contributing to the fuel price increase.
It is projected that fuel prices in northern states such as Sokoto and Maiduguri could reach as high as N640 per liter.
The Nigerian government has identified over 9,000 licensed filling stations across the country that are suitable for co-locating facilities to dispense autogas fuel.
Autogas is an alternative fuel used for vehicles, which is considered cheaper and more environmentally friendly.
The government is trying to encourage people to use autogas as a transport fuel in Nigeria. The government is also providing technical support and facilities to develop and encourage its adoption.
Trade between African and GCC countries stands at $ 121 billion in 2023, double of what it was in 2016.…
Family members struggling after one week after of Cyclone Chido ripped through the French island territory of Mayotte expressed helplessness…
The United Arab Emirates has launched its orphanage project in Ethiopia's Oromia region on the orders of President Sheikh Mohamed…
In just four months, 100 women have been killed, the majority by males they knew including spouses. Prime Cabinet Secretary…
The Ghanaian entertainment industry is in deep mourning following the sudden death of Bright Owusu, better known as C Confion.…
Since the beginning of December more than five hundred people have lost their lives on the nation's highways. Barbara Creecy,…
This website uses cookies.