According to the Nigerian National Petroleum Company Limited (NNPCL), there won’t be any price increases at the retail stations where it sells fuel.
The Nigerian National Petroleum Company Limited (NNPCL), said, there won’t be any price increases at the retail stations where it sells fuel.
Late Monday night, the business made the announcement via its official Twitter account.
The company’s statement read thus:
“Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated. Please buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide.”
This is based on the fact that, according to Vanguard, the landing cost of gasoline for oil marketers increased month over month by 37.4% to N632.17 per litre in July 2023 from N460 per litre in June 2023. On Monday, there were reports that fuel pump prices will hit at least N700 per litre.
According to the Vanguard report, a breakdown revealed that the product cost per litre was N578.46, freight (Lome-Lagos) was N10.37, port fees were N7.37, the NMDPRA levy was N4.47, storage costs were N2.58, marine insurance costs were N0.47, fendering costs were N0.36, and “others” were N0.05. A finance cost of N28.04 was also included.
Additionally, it noted that the transactional analysis estimated the landing cost of 28,000 metric tons of imported gasoline at over $25 million, including total product cost, total direct cost, and total finance cost, with the potential to generate over N22 billion in sales revenue and an estimated loss of over N1.6 billion.
The Nigeria Labour Congress (NLC) has threatened to proceed with a complete, all-encompassing, and indefinite nationwide shutdown of the nation if there is another increase in the pump price of gasoline from the current N617 per litre, which it describes as illegal, according to a report on Monday (August 14, 2023) night.
The NLC President, Joe Ajaero, spoke at the African Trade Union Alliance meeting on August 14 and said:
“As we’re here now, they’re contemplating increasing the pump price of petroleum products. And the Ministry of Labour, for some time now, will only go to the Ministry of Justice to come up with a so-called injunction to hold the hands of labour not to respond.
“But let me say this, Nigerian workers will not give any notice if we have not addressed the consequences of the last two increases and we wake up from our sleep to hear that they have tampered with it again — the prices.”
