Nigerians to pay more for petrol as ex-depot price hits N490/litre

As the ex-depot prices of Premium Motor Spirit (PMS), rises to N490 per litre, some independent fuel marketers in Lagos are already selling the product at prices higher than the fixed rate of N488 per litre.

According to unconfirmed reports, while the Nigerian National Petroleum Company Limited depot sells to major marketers at N466.52 per litre, private depots are however selling at N490 per litre.

NNPCL stations are selling fuel at the fixed rate of N488 per litre, while major marketers sell fuel between N488 and N492 per litre. Independent marketers who purchase from private depots at N490 per litre are selling fuel to consumers at prices above N500 per litre.

President Bola Ahmed Tinubu in his inauguration speech declared that the controversial petroleum subsidy regime was gone. He said rather the funds saved from the subsidies would be channeled to other critical areas.   

The federal government for several decades, subsidised fuel and fixed retail prices of petroleum products. The payment has, however, threatened the nation’s fiscal position and impacted the government’s ability to fund developmental projects across the country.