See new petrol prices suggested by marketers as NNPC reacts

• IPMAN members in Oyo and Osun States are meeting in Ibadan to discuss potential changes to the current petroleum pump price
• Reports suggest conflicting prices, with some anticipating a decrease to N557 per litre and others expecting a further increase
• Nigerians currently pay between N620 to as high as N750 per litre at filling stations across the country

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Petroleum marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN), covering Oyo and Osun States, had a meeting on Thursday, June 27, to discuss the possible review of the current Premium Motor Spirit (PMS), commonly known as petrol.

Petrol prices in Nigeria Photo credit: Olukayode Jaiyeola
Source: Getty Images

The National Bureau of Statistics, in its most recent reports, revealed that the average pump price of a litre of petrol stood at N769.62 per litre.

Tribune reports that the meeting was held at the IPMAN Secretariat located at Odo-Ona, off the Ibadan-Abeokuta expressway.

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The report noted that the meeting was prompted by recent news circulating about a potential change in the pump price of petrol.

The National Bureau of Statistics, in its most recent reports, revealed that the average pump price of a litre of petrol stood at N769.62 per litre.

However, Tribune reports that at the meeting, the marketers in attendance suggested a reduction of petrol price to N557 per litre.

While others project a significant increase to N1,226 per litre.

A conclusion was not reached at the end of the meeting., the report added.

NNPC reacts to new fuel price

Meanwhile, the Nigerian National Petroleum Company (NNPC) Limited has denied that it has adjusted its fuel price template.

The Chief Corporate Communication Officer, NNPC Ltd, Olufemi Soneye, told the New Telegraph that insinuation of fuel price adjustment is ‘fake news.’

He stated that NNPC Ltd would have made the announcement to the public if there was a price adjustment.

Dangote, other refineries to crash petrol prices

Legit.ng previously reported that petrol prices should crash to about N300 per litre when mass production by the Dangote Petroleum Refinery and other refineries begins production.

Refinery owners, under the aegis of the Crude Oil Refinery Owners Association of Nigeria (CORAN), explained that providing enough crude oil to local refiners would crash the price of petrol, stating that foreign refineries were cheating Nigeria.

CORAN stated that, like diesel prices, which sold for N1,700 before Dangote began production but later crashed to N1,200, the cost of petrol will crash when mass production begins

Source: Legit.ng