Petrol may hit N250/liter despite N4tr subsidy, IPMAN says depot price now N190/liter

The current scarcity of Premium Motor Spirit (PMS) across the country might worsen, pushing up pump price to N250 per liter, despite payment of over N4 trillion subsidy in the 2022 budget

The Nigerian National Petroleum Company Limited (NNPC) – the sole importer of petrol – is reported without the product, as most of its stations, including the newly acquired Oando outlets, were empty yesterday.

Marketers adjusted their prices to N180 per liter against the official price of N165, with the Independent Petroleum Marketers Association of Nigeria (IPMAN) telling The Guardian that the ex-depot price has moved to N190 per liter and that an upward review is imminent

While both the NNPC and the Nigerian Midstream Downstream Petroleum Regulatory Authority (NNPC) did not respond to the development, petrol stations in most northern states have already begun dispensing at N250 per liter.

Most marketers, who spoke to The Guardian, disclosed that the state oil firm has no products. At the NNPC fuel station around Ketampe in Abuja, only two pumps were dispensing. Motorists spent an average of four hours in queues. Others bought a liter at N500 from black marketers who sold in kegs.

In the Federal Capital Territory, some residents have begun spending the night in their cars at fuel stations, hopeful of the next day.