NNPC Fuel Price: Petrol begin sell from N488 upwards as Nigerian National Petroleum Corporation confam increase – BBC.com
Premium Motor Spirit wey pipo sabi as petrol now dey sell for Four hundred and eighty eight (N488) for di Nigerian National Petroleum Company Limited. (NNPC).
NNPC Limited confam am for one statement dem release on Wednesday.
“We don adjust our pump prices of PMS across our retail outlets, in line wit current market realities.”, dem tok.
Although for di statement wey Garba Deen Muhammad di Chief Corporate Communications Officer sign, dem no tok di official price wey dem cap di sale of PMS.
But for di NNPCL outlets wey BBC Pidgin monitor for Ikoyi, Omole Estate, Kassa area and Fagba axis all for Lagos state, Nigeria biggest commercial city, e show say dis na di new price dem dey sell di product as at Wednesday, 31 May, 2023.
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Di price of petrol for Portharcourt, Rivers state, na N511, for Kano N540 and for Abuja na N535. Di price vary for different states.
Before now NNPC dey sell petrol for N184.
One commercial driver also confam to BBC Pidgin say im buy petrol for N488.
Dis new development dey come afta Nigerians begin experience fuel scarcity wey start following di announcement of President Bola Tinubu on fuel subsidy.
Nigeria President, Bola Tinubu bin declare on im inauguration day say "Subsidy don go.".
Following dis announcement, effect of di subsidy don begin bite hard on Nigerians wit long queues for di few filling stations wey dey sell, stranded passengers for bus-stops, price hike on transportation, food items, goods and services.
Although removal of subsidy suppose come to effect on 1 July, 2023 as di 2023 budget don already cover di subsidy for di first part of di year.
BBC Pidgin monitor di fuel situations for Lagos state and for some oda parts of di kontri.
“I buy fuel N488 per litre from NNPC,” Dis na wetin one commercial driver wey dey ply Obalende to Ikoyi axis for Lagos state, Nigeria commercial capital tell BBC Pidgin.
“I don dey dis queue for more dan one hour, 30 minutes no vehicle”, “I don tire, financially, emotionally, physically, I dey traumatized, di situation dey terrible. I comot my house since around 6:30am and I neva still reach wia I dey go within Lagos.”
Some oda passengers wey dey stranded for bus-stops tok as di fuel scarcity continue to bite hard across di kontri.
Long queues form for filling station and some pipo don spend long hours for there.
From Lagos, to Oyo, Ogun, Abuja, Kano, Kwara, Enugu, Rivers state, and oda parts of di kontri, di situation na di same. Long queues dey for di few filling stations wey dey sell fuel. Odas wey no dey sell lock dia shop.
Despite assurances from di Nigerian National Petroleum Company Limited (NNPC) and di Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) say plenty supply of di product dey to meet di demands of consumer, di situation no calm down at all, na still di same.
‘ I spend di night for fuel station and still neva get’
Yusuf Abubakar wey dey stay Kano for northwest Nigeria tell BBC News Pidgin say e spend di night for fuel station and still neva get fuel.
Yusuf like many Nigerians at di moment dey struggle to get fuel wey dem go use for dia daily activities.
“I don dey here since 8pm yesterday and I still dey here and neva get.”
“I suppose dey work by now but dey here dey struggle for fuel, dis don spoil my planned activities for today.”
Total Fuel station for Zoo road wia e spend di night na one of di few stations wey dey sell N195 per litre.
But oda privately owned stations dey sell as high as 400 per litre while many odas dey closed at di moment.
Anoda motorist Hamisu Abu say na 5am e join queue but im car still dey outside di station.
E say e dey pray say dis new goment go bring di problem under control in no time so dat pipo no go continue to suffer.
Fuel subsidy na form of goment intervention to reduce di cost of fuel.
Goment dey provide direct financial support to oil companies, so dat dem go fit reduce di price of di product to consumers (Nigerians) to make am dey affordable for dem.
Nigeria na one of Africa largest producers of crude oil, and e dey rely heavily on dis resource for dia economic growth.
Sake of say Nigeria no get refinery, dem gatz export dia crude oil go anoda kontri come import di refined crude oil. Di money wey dem go take refine dis crude oil dey expensive and make e for no be burden on consumers, goment dey pay some part of di money to marketers.
Therefore goment dey control di price and na di amount dem tell marketers to sell, dem go sell am.
Dis na how common pipo dey benefit from goment, according to dem.
Di official reason for oil subsidies na to reduce di impact of rising global oil prices on Nigerians.
Fuel subsidy don dey di kontri since di 1970s.
Dem institutionalise am for1977, under di regime of General Olusegun Obasanjo wit di promulgation of di Price Control Act wey make am illegal for some products (including petrol) to dey sold above di regulated price.
Between 2006-2018, Nigeria don spend about 10 trillion Naira on petroleum subsidies.
Di Programme Director of di Centre for Journalism Innovation and Development, Akintunde Babatunde explain say wit di Petroleum Industrial Act (2021) wey di former President Muhammadu Buhari sign into law, clear mandate say make di downstream sector dey decentralised.
Di petroleum Industrial Act (2021) provide for total deregulation of di petroleum downstream sector to drive investment and growth.
Dis one mean say di market go determine how much dem wan dey sell petrol.
"Goment no go dey control di price of fuel again, na di individual marketer go dey determine how much dem wan sell dia product. Some markerters fit dey sell for N400 or N405, di price go depend on how much dem buy am for di global market." Akintunde tok.
E add say speculations dey say di price of petrol fit go as high as N500, N700 or more but if e no reach or make e pass as e go depend on di global prices.
Akintunde say wit di removal of subsidy, di effect na say di prices of goods and services go increase. Price of transportation go rise.
However, if di goment fit use di money dem dey use as subsidy for infrastructural development, take am build roads, schools and oda social amenities, e go make sense for Nigerians, e add.
Managing Managing Consultant of Flame Academy and Consulting Limited Orji Udemezue say removal of fuel subsidy na good thing but di prices of food and oda essential commodities go up.
“No doubt say removal of fuel subsidy go free up unnecessary expenditure goment dey use subsidize fuel. Wen you remove subsidy, market go move wit market price. Na good thing for dis economy to relieve himself of di burden. But then consequences dey, prices of food items go high, garri, rice, tomato, everything for market go go up.
Inflation dey rise. Removing subsidy go help economy run beta but go further damage di poverty level. Total removal fit no work at this time.”
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