As Nigerians continue to groan over the recent increase in fuel prices by the Nigerian National Petroleum Company (NNPC) Limited, OsunDailyNG brings you the latest update on petrol scarcity, fuel price increase and Govt/citizens’ reactions.
The Dangote Petroleum Refinery has revealed that the Federal Government is falling short of its commitment to supply crude oil under the naira-for-crude initiative.
According to Dangote Industries Limited Vice President, Devakumar Edwin, the refinery has received only a fraction of the agreed volume of crude oil from the Nigerian National Petroleum Company Limited (NNPCL), which is insufficient to boost refined product output.
Edwin disclosed in a Reuters report that the NNPCL had pledged to supply at least 385,000 barrels per day (bpd) since the program’s launch in October.
However, the deliveries have been significantly below that target.
“We need 650,000 bpd. NNPCL agreed to give a minimum of 385,000 bpd, but they are not even delivering that,” he stated.
Nigerians are set to enjoy slightly lower prices for petrol following a crash in the landing cost of petroleum products.
OsunDailyNG understands, based on the data from major marketers, including the Nigerian National Petroleum Company Limited (NNPCL) that landing cost crashed to ₦935.94 per litre from its last reported price of ₦977.
By implication, filling stations across the country are also expected to reduce the price per litre of petrol for sale to members of the public.
According to data from the Major Energy Marketers Association of Nigeria (MEMAN), the landing cost of diesel also dropped to ₦1,071.8 per litre, calculated at the exchange rate of ₦1,659.37 per dollar.
MEMAN in its report published on Tuesday, gave the ex-depot price for Lagos at ₦1,029 per litre for petrol, ₦1,120 per litre for diesel, ₦1,040 per litre for aviation fuel and ₦1,125 per litre for LPG.
The report put the price for Compressed Natural Gas (CNG) at between ₦230 per scm and ₦450.
Recent exchange rate stability is said to be responsible for the slight crash recorded in landing costs of petroleum products in Nigeria.
