- NNPCL increased petrol pump price to N1,405 per litre at its retail outlets, marking the second price adjustment in recent weeks
- Two Calabar depots priced petrol above the Federal Government's proposed N1,350 gantry-price benchmark on October 16
- NNPCL app users paying digitally may still access a N66-per-litre discount tied to Nigeria's Independence Anniversary offer
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian National Petroleum Company Limited (NNPCL) has pushed petrol prices up to N1,405 per litre at its filling stations, lifting the pump price by N35 from the previous rate of N1,370 per litre.
Filling station attendants were reportedly informed of the change over the weekend with the new price taking effect the following day.
Source: Getty Images
NNPC has not issued a public statement explaining the reason for the increase.
Depot prices climb above FG benchmark
Petroleumprice.ng reports that the adjustment comes at a time when the Federal Government's proposed gantry-price benchmark of N1,350 per litre is already under pressure from depot-level pricing.
Figures recorded on October 16 showed that Bongas and Pivot depots in Calabar were both selling petrol to marketers at N1,354 per litre, which is N4 above the government's proposed target.
Matrix and Mainland depots in Calabar quoted N1,355 per litre, while MRS Tin Can depot in Lagos recorded a lower rate of N1,335 per litre.
The variation across locations shows that depot prices have not aligned uniformly with the government's benchmark.
It is worth noting that the gantry price covers only the depot-level sale to marketers.
The final price at the pump may rise further once transportation, distribution costs and other operational expenses are factored in.
NNPCL app discount remains in place
Despite the price increase, customers who use the NNPCL mobile application and complete payments digitally are still reportedly eligible for a N66-per-litre discount, bringing the effective cost down to N1,339 per litre for qualifying purchases.
Source: UGC
Motorists who do not meet the conditions pay the full rate of N1,405 per litre.
NNPCL launched the discount on October 1 to mark Nigeria's 66th Independence Anniversary.
The company said the offer, which it funds through a reduction in its retail profit margin, is set to run through October 31.
With the higher pump price now in place and depot costs still varying across markets, motorists continue to face different prices depending on their location and payment method.
Another oil company starts direct fuel supply
Earlier, Legit.ng reported that Sixxco Oil Ltd had begun purchasing petroleum products directly from the Dangote Refinery, joining other marketers using its Direct Delivery Scheme.
The initial consignment of trucks carrying petrol and other petroleum products departed the refinery.
Sixxco Oil Ltd CEO Hubert Ngoka said the arrangement would enable the company to obtain petrol and other fuels directly from the refinery and distribute them to its affiliated filling stations and customers across Rivers State.
Source: Legit.ng