The Nigerian National Petroleum Company Limited (NNPCL) is set to introduce a new pricing structure for petrol after sourcing approximately 103 million liters from ?angote Refinery between September 15 and 30, according to sources.
This follows NNPCLs recent price increase on September 3, raising petrol prices at its stations from N617 per litre to between N855 and N897.
During this period, the refinery dispatched 2,207 out of the 3,621 trucks sent, transporting 102,973,025 liters – just 26% of the planned 400 million liters at a daily target of 25 million liters. On September 15, the NNPCL began lifting fuel exclusively from the ?angote Refinery, purchasing it at N898.78 per litre and selling to marketers at N765.99, thus bearing a subsidy of nearly N133 per litre.
The NNPCL has indicated that petrol prices would align with depot sale prices, statutory charges, and logistical costs. While NNPCL stations across the country currently offer petrol between N855 and N897 per litre, insiders reveal that as imported fuel supplies diminish, the company may soon increase pump prices to reflect the new reliance on ?angote Refinerys output.
According to an NNPCL pricing template from September 16, projected pump prices could reach N950.22 per litre in Lagos, N980.22 in Rivers, N992.22 in Abuja, with the North-West seeing N999.22 and North-East states, including Borno, at N1,019 per litre.
The South-East and South-West regions would face prices of N980.22 and N960.22 per litre, respectively. However, fluctuating foreign exchange rates and rising crude prices, currently above $78 per barrel, suggest further upward adjustments may be necessary.
The NNPCL has yet to confirm the exact figures for the upcoming pricing adjustments.
