…In Lagos, NNPC sells at N568, Total sells for N500
Following the news of an increase in the pump price of PMS to as high as N617 per litre in Abuja, many fuel stations in Lagos have since stopped selling fuel while others have increased their prices.
The fuel which was sold at N490 on Monday night and Tuesday morning in some places in Lagos is now sold for N550 or more in many filling stations across the state. Many others who had fuel are not selling. The few selling had a very long queue as many keg carriers and motorists wanted to buy despite the price increase.
In Lagos, the Nigerian National Petroleum Company Limited, NNPCL, sold the product for N565 while some other stations sold higher. Prior to the increase, they sold at N484 to N488.
A visit to an NNPC filling station in the Ikoyi area of Lagos, confirms that the fuel price has been adjusted from N488 to N568 per litre by the company.
A fuel attendant confirmed this development, “I came this morning and noticed the adjustment ,” he said.
Some other fuel stations, like MRS in Apapa have also adjusted their metres to reveal the price change.
However, Total Energies petrol stations in Apapa and around Ikeja still sell for ₦500.
A fuel station in Oshodi, Rainoil is said to be selling at N600.
The product sells higher in Abuja where at least two NNPC stations visited had adjusted their price from N539 to N617 per litre with other stations selling higher.
The new development was as a result of the news going round regarding how the NNPCL adjusted the price of filling stations in the Federal Capital Territory, FCT, Abuja.
In Jos, the Plateau State capital, petrol is being sold at N617 on Tuesday, up from N537.
In Port Harcourt, the Rivers State capital, filling stations were seen selling petrol between N511 to N525 per litre. At the NNPC retail outlet in the oil-rich state, a crowd of people were jostling for the commodity.
The increase in price is the second significant jump in the price since May 29, when President Bola Ahmed Tinubu announced that the fuel subsidy was gone.
The price had jumped from below N200 per litre at NNPC outlets and many stations across the country to the N500 range.
Earlier in June, Mike Osatuyi, national operations controller, Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed that the prices will further increase following 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?” he said.
He noted that this price increase will affect areas like Lagos, Rivers, Imo, Abeokuta etc. where the price is currently N488, N511, N515 and N500 respectively according to Nigerian National Petroleum Company Limited (NNPCL)’s price update.
