The retail arm of the Nigerian National Petroleum Company has announced an increase in the price of premium motor spirit (petrol) from N617/itre to N897/liter effective today, September 3, 2024.
This is coming barely 48 hours of Dangote refinery’s plan to distribute its petrol in Nigeria’s market. BusinessDay findings on Tuesday, showed that most retail stations of the NNPC had adjusted to the new price of between N855 to N897/litre.
Aliko Dangote, the chairman of Dangote Group has announced that the refined petrol from the refinery will be distributed in the Nigerian market in less than 48 hours.
He explained that the refinery has enough capacity to satisfy the petrol demand of not just Nigeria, but the entire sub-Saharan region of Africa.
The fuel price is being increased for the third time since the commencement of President Tinubu-led administration in 2023.
President Tinubu, upon assumption of office in May 2023 announced the removal of fuel subsidy, which led to the increase in transportation, and hardship for many Nigerians, as the prices of goods and services increased significantly.
Following the President’s announcement, fuel price jumped from N197 to between N480 and N570. Also in July 2023, the petrol price was again increased to N617/litre at various outlets of the Nigerian National Petroleum Company Limited (NNPC Ltd), while independent marketers sold the products for as high as N800/ litre.
The latest review however follows the recent revelation made by the NNPCL, stating that the cost of supplying petrol was putting financial strain on the company. This it said poses a threat to the sustainability of fuel supply in the country.
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