PETROL yesterday sold for N650 per litre in Borno, Oyo and Delta States against the current official price of N617. Marketers had recently said the product would sell for between N680/litre and N720/litre in the coming weeks should the naira continue to fall at the parallel market.
Reports had also said the landing cost of petrol had risen month-on-month, by 37.4 percent to N632.17 per litre in July 2023, from N460 per litre in June 2023.
In Maiduguri, Borno State Capital, the product yesterday sold between N625 and N655 at some private stations; and N635 at the NNPC Mega station.
In Ibadan, Oyo State, many filling stations adjusted the petrol price from N580 to N690, as confirmed by motorists. Our reporter discovered that stations like Ola Shehu, Laryma-C and others sold the product for between N600 and N690.
With long queues, petrocam and NNPC stations in Ibadan were seen sell for N580. Our correspondent also some stations selling petrol for N650 in Delta State.
In Lagos, there long queues at NNPCL and some private stations dispensing the petrol as many others were said to have hoarded the product due to speculations of a possible price hike.
Queues were observed at the Mobil filling station along Lateef Jakande, Alausa and the NNPC station on Kudirat Abiola road.
“It seems as if they want to increase the price again. It used to be N560 at this station but the price has been adjusted to N568. The other station opposite them and the Conoil oil after the Ifako Ijaiye council secretariat are not selling,” noted Abayomi Paul, a motorist at the First Royal filling station on College road. Another motorist, Abideen Agboola, said: “The rumoured N750/litre will kill many small businesses.”
An attendant at one of the stations in Ikeja, who spoke on condition of anonymity, said they were instructed not to dispense petrol until the review is authorised.
“Our supervisor has told us that a new price would soon be announced so we have been told not to dispense for now,” he said.
A source at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), told this newspaper that the reported suspension of petrol by marketers “will not affect supply as the NNPCL is the importer of last resort. It (NNPCL) will fill that void should it exist.”
President, Nigeria Labour Congress, Joe Ajaero, yesterday said not give the federal government any notice before shutting down the country if petrol price was increased again.
Speaking in Abuja during the African Alliance of Trade Unions meeting, he described incessant increases as “illegal” while negotiations were not concluded and palliatives put in place.