REPORT!!! Petrol At N1405 In NNPCL Despite Govt N1350 Discount
Nigeria’s fuel market remains volatile days after the Federal Government announced a 30-day discount programme intended to lower pump prices. Minister of Finance Taiwo Oyedele declared last Thursday that Premium Motor Spirit would sell at N1,350 per litre at Nigerian National Petroleum Company Limited retail outlets.
The intervention was designed to ease pressure on motorists and households.
Market checks by Media Talk Africa, however, reveal that the announced price has not materialised at NNPCL stations surveyed in Abuja. Several outlets have instead adjusted prices upward, with some dispensing petrol at N1,405 per litre, up from N1,370 before the announcement. As of the time of reporting, no NNPCL station visited was selling at the proposed N1,350 rate.
The development has deepened confusion among motorists who expected immediate relief. Independent marketers have also adjusted their pumps. MRS, AA Rano, Ranoil and other stations in the capital and surrounding areas raised prices by between N10 and N39 per litre over the weekend. Current prices across these outlets now range between N1,370 and N1,410 per litre.
Industry leaders attribute the turbulence to market speculation triggered by the government’s announcement. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association, told Media Talk Africa in an exclusive interview that the discount limited to NNPCL outlets cannot stabilise the broader downstream sector on its own. He warned that unless the intervention is extended evenly across all retail channels, price volatility will persist to the detriment of consumers.
“It is due to speculation. Right now, we have just one dominant refinery and some imports. So that is possible,” Gillis-Harry said. “If demand is too high, it can affect price. There’s nothing to panic about. Eventually, the price will be stable.”
He emphasised that the planned discount would not automatically eliminate fluctuations and urged Nigerians to avoid panic buying.
Abubakar Maigandi, National President of the Independent Petroleum Marketers Association of Nigeria, echoed the call for calm. He assured the public that his members hold sufficient stock supplied by Dangote Refinery and that supply fundamentals remain adequate.
The mixed market response underscores the structural challenges of administering targeted price interventions in a liberalised downstream environment. With multiple supply sources and pricing mechanisms operating simultaneously, analysts say coordinated policy implementation across all market segments will be essential to achieve the intended consumer relief.