{"id":2763,"date":"2024-10-09T21:09:34","date_gmt":"2024-10-09T21:09:34","guid":{"rendered":"https:\/\/panoramanews.com.ng\/?p=2763"},"modified":"2024-10-09T21:09:34","modified_gmt":"2024-10-09T21:09:34","slug":"2763","status":"publish","type":"post","link":"https:\/\/panoramanews.com.ng\/index.php\/2024\/10\/09\/2763\/","title":{"rendered":""},"content":{"rendered":"

\"\"<\/p>\n

By Publisher<\/p>\n

Kindly share:<\/p>\n

Why NNPCL increased fuel pump price again – Petroleum marketers<\/p>\n

<\/div>\n
Petroleum marketers have confirmed that the recent fuel price hike by the Nigerian National Petroleum Company Limited (NNPCL) is due to the complete removal of subsidies on Premium Motor Spirit (petrol).<\/p>\n
\nAs a result, NNPCL has raised the pump prices to \u20a61,030 per litre in Abuja, the Federal Capital Territory, and \u20a6998 per litre in Lagos.<\/p>\n

This clarification came from spokesperson for the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, during an interview with Daily Post on Wednesday.<\/p>\n

Ukadike\u2019s comments were in response to the latest price adjustment at NNPC stations, which increased from \u20a6897 per litre to \u20a61,030.<\/p>\n

This hike follows a previous increase by NNPCL, where the pump price jumped from \u20a6617 to \u20a6897 per litre.<\/p>\n

Ukadike said, \u201cIt is a price template that shows that the total deregulation of the oil and gas sector and the implementation of the Petroleum Industry Act have taken off.<\/p>\n

\u201cWith this, I don\u2019t think there is anything like a subsidy on petroleum products now. NNPCL is now selling as they are buying from Dangote Refinery. NNPCL is no longer a middleman for oil marketers. Marketers are to buy petrol products from Dangote Refinery. It has become a willing buyer, selling relationship. We are embracing the new NNPCL price template.\u201d<\/p>\n

However, Ukadike mentioned that neither NNPCL nor Dangote Refinery has yet disclosed their ex-depot prices, which are essential in determining the resale price for marketers.<\/p>\n

\u201cAlthough they have not released their ex-depot prices, we are waiting for NNPCL\u2019s ex-depot prices. Once the ex-depot prices of NNPCL and that of Dangote Refinery are released, we will now choose where to buy our petroleum products and stock our filling stations,\u201d he concluded.<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

By Publisher Kindly share: Why NNPCL increased fuel pump price again – Petroleum marketers Petroleum marketers have confirmed that the…<\/p>\n","protected":false},"author":1,"featured_media":2764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2],"tags":[521],"class_list":["post-2763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","category-news","tag-nigerian-national-petroleum-company-nnpc-ltd"],"yoast_head":"\n- Panorama News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panoramanews.com.ng\/index.php\/2024\/10\/09\/2763\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"- Panorama News\" \/>\n<meta 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