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Petrol Price Skyrockets: N1,300 per Litre Looms as NNPC Faces Financial Woes

Nnaemeka OkwarabyNnaemeka Okwara
September 3, 2024
in Business & Finance
0
Petrol Price Skyrockets: N1,300 per Litre Looms as NNPC Faces Financial Woes
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A recent report reveals that the price of petrol in Nigeria may rise to N1,300 per litre due to financial challenges faced by the Nigerian National Petroleum Company (NNPC) Limited. NNPC, the sole importer of petrol into Nigeria, has encountered a cash crunch, resulting in a jump in the landing cost of petrol from N720/litre in October 2023 to N1,203/litre.

Industry expert have predicted that if NNPC stops subsidizing petrol prices, the customary pump price will range from N1,300 to N1,350 per litre. However, this does not include charges like Nigerian Port Authority fees, vessel charges, and distribution costs, which are mainly denominated in dollars.

Nigeria is also experiencing falling crude oil production, thus reducing its capacity to import refined products. Independent marketers suggest that private importation should be allowed while fully deregulating the market to relieve NNPC of its financial burden.

Meanwhile, the Dangote refinery has announced the commencement of petrol production, with NNPC being its first exclusive buyer. These developments are expected to ease the pressures faced by NNPC and may provide a solution to the existing fuel crisis within the nation.

Tags: 300 per Litre Looms as NNPC Faces Financial Woesfederal characterNewsnnpcpetrolPetrol Price Skyrockets: N1price
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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