In a recent announcement, the Nigerian National Petroleum Company Limited (NNPC) addressed the concerns surrounding the reported increase in petrol prices, shedding light on the current state of subsidies and landing costs. As of February 16, 2024, the monthly petrol subsidy payments have surged to a staggering N907.5 billion, surpassing the figures seen during the previous administration of President Muhammadu Buhari.
An analysis reveals that Nigeria is now grappling with a monthly landing cost of approximately N1,009 per litre, a significant jump from the N720 per litre recorded in October 2023. This surge is attributed to the impact of the black market exchange rate on the product.
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Despite President Bola Tinubu’s announcement on May 29, 2023, regarding the removal of the petrol subsidy, recent findings suggest otherwise. The NNPC remains the sole importer of petrol in Nigeria, as private marketers cite volatility in the exchange rate, making it unfeasible for them to bring in the product.
The NNPC has officially denied any increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol. The chief corporate communications officer, Olufemi O. Soneye, reassured the public through a press statement, amid long queues and petrol scarcity observed in various parts of the country.
Many filling stations in Lagos, Ogun, and Abuja reported closures to cars, with lengthy queues forming at the handful that remained open. Station managers attribute the scarcity to the pressure on NNPC’s supply, clarifying that most marketers rely on the company for petrol due to its competitive ex-distribution prices.
Analysts foresee a potential rise in petrol prices as crude oil prices experience a recent uptick. Brent Crude reached $83.19 per barrel on February 13, 2024, signaling a $1.19 increase from the previous day. With Nigeria’s output reaching 1,426,574 barrels per day in January 2024, the country anticipates increased foreign exchange earnings.
As the nation grapples with these developments, the Dangote Refinery has made strides by issuing tenders to sell its first two fuel cargoes for export. This move is pivotal for the refinery, which is poised to play a significant role in the industry.
In summary, the NNPC’s latest update on petrol prices reveals a concerning surge in monthly subsidy payments, raising questions about the effectiveness of subsidy removal and the stability of petrol prices in Nigeria. The nation continues to navigate the challenges posed by exchange rate volatility, while the Dangote Refinery emerges as a potential game-changer in the fuel supply landscape.
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