Fuel price in Nigeria per litre and latest update wey we know

Many filling stations across Nigeria don increase pump price of petrol per litre.

For Port Harcourt, southern Nigeria, filling stations don increase price of petrol from N143.50 to N148.50, with di latest change of price of petroleum products wey PPMC announce to take effect from 5 August, 2020.

Although queues no dey filling stations, many buyers say dis no be di right time for goment to increse price of fuel as pipo and business still never recover from di palava wey di Covid-19 pandemic cause.

Many filling stations also dey closed sake of dem no get product but di ones wey open don change price to N148.50 although most of dem no display am for dia signboard.

But di NNPC Mega station for Port Harcourt dey closed down and no official bin dey ground to tok on why dem dey closed.

BBC Pidgin observe some boys dey sell black market diesel for jerrycans opposite di NNPC Mega Station for Port Harcourt and many commercial buses dey buy from dem. Dem dey sell 10 litres diesel for N600 while 20 litres dey sell for N1200.

For Kano some filling stations like Conoil, Oando and Total dey sell for N148 per litre while oda ones like Premier and Aliko Oil dey sell at old price of N143.

For June Nigeria goment increase di pump price of Premium Motor Spirit, petrol from N140.80 to N143.80 per litre.

Di Petroleum Products Pricing Regulatory Agency (PPPRA) announce di 16 per cent increase for one statement wey di Executive Secretary of di agency sign on Wednesday.

Earlier in April 2020, Federal Government bin announce a reduction of di price of petrol pump to N123.50 per litre.

'Dis no be about increase in price but na wrong calculations for di cost elements '

National President Petroleum Products Retail Outlets Owners Association of Nigeria PETROOAN Billy Gillis-Harry say dis change wey di PPMC don go no good at for di industry as e go make, very soon filling station owners no go fit get money buy products sell to sell again.

" No be di increaase we dey look at now, na di impact wey dis frequent change go get for di industry and dat one no good because very soon, retail outlets no go fit get di money to buy products sell again.

Di last price review dem do na N108.32 now dem don review to N138.60 so dat na almost N25 difference. Now wen you bring N25 to buy product wey dem don increase di sales band to N148, di difference na N5 so di retail outlet dey lose N20 so no be any increase at all because e dey negatively impact di buying power of di retail outlet."

Dis naim make di Retail outlet owners dey ask for stakeholder meeting to analyse dis tins because e no dey correct say pipo buy fuel yesterday and dem no get any information say by 6am di next morning dem go pay different amount for fuel.

Gillis- Harry add say na bad market for di marketer wey pay N108 to do business in less dan 24hours im go get to coff out additional N30 to pay, e no easy so e need plenty mathematics to keep di retail outlets in business.

"Dis no be about increasing price of petroleum products, na wrong calculations for di cost elements and cost recovery because now we no dey tok about profit but na to recover di cost we out for di business.

So now wen you calculate N30 times 30,000 litres dat one mean say di marketer must put anoda N900,000 before im fot buy product to sell so e dey negative to di well being of Nigerians. So di danger be say very soon retailers might go get capital to buy.

Again Gillis Harry explain say PPMC don reduce di money to buy from Tank Farms to N113 wen Goment depot dey sell to retail outlets at N138. Dis mean say di retail outlets git buy di same products at cheaper rate from private tank farms, fat one mean say dem don close di Goment depot as evribodi go go buy from di private tank farms.

For di past two decades (20 years), price of PMS neva dey stable for di kontri. Either sometimes dem reduce am or increase am.

How price of petrol be between 2000 - 2020

Nigeria na one of di biggest producer of petroleum product but from di reasons wey goment dey give for di reduction and most times increase in di pump price of petroleum products, e dey obvious say di global crude oil price play ogbonge role for di stability of petrol pump price for di kontri.

"Afta we don review how di prevailing market be for di month of June and as we dey consider di moni wey marketers' dey use buy di products , we wish to advise new PMS pump price band of N140.80 - N143.80 per litre for the month of July 2020," Nigeria Petroleum Products Pricing Regulatory Agency statement tok on Wednesday 1 July, 2020.

Di statement advise all marketers to operate within di price wey di PPPRA advise.

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