Headlines
Fuel price rises as NNPCL adjusts pump price to N568 in Lagos, N617 in Abuja
The Eyewitness reporter
Nigerians woke up this morning to be confronted with yet another increase in the pump price of Premium Motor Spirit( PMS) otherwise known as fuel as the Nigerian National Petroleum Company Limited (NNPCL) adjusted the price of the product to N568 per litre in Lagos and N617 per litre in Abuja.
However, most of the independent marketers shut their stations preparatory to the eventual adjustment of their pump price which is likely to be higher
The new pump price was a fall out of the increase in the ex-factory price of the product and the purchase of the new stocks due to the hike in the foreign exchange
The former price , after the removal of subsidies hovers around N492 to N510 per liter
The Independent Petroleum Marketers Association of Nigeria (IPMAN) had in June projected that the pump price of PMS would rise to N700 due to the floating exchange rate regime adopted by the Federal government and the price increase in ex-depot.
Ex-depot price is the price marketers buy products at the depot and it determines the price at which they will sell to motorists.
“If you want to order now for a truck, you will have like N21.8 million, we are going to increase it more than N500 because if I buy at N480/N495, what price will I sell?” one of the marketers declared.
He noted that this price increase will affect areas like Lagos, Rivers, Imo, Abeokuta etc. where the price is N488, N511, N515 and N500 respectively according to Nigerian National Petroleum Company Limited (NNPCL)’s price update.
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” You can therefore be sure of an increased momentum in our resolve to sustain maritime safety, security, environmental protection and adherence to relevant conventions and protocols with renewed vigour.”
The DG concluded by acknowledging the support of President Bola Ahmed Tinubu, Adegboyega Oyetola, Minister of Marine and Blue Economy, industry stakeholders, management and staff of NIMASA as well as all Nigerians and wished everyone a Merry Christmas and a prosperous New Year.
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