The Nigerian National Petroleum Company (NNPCL) on Thursday, unofficially adjusted its pump price of petrol to N185 from N169 per liter.
At the same time, major oil marketers have been directed to sell between N190 and N195 per liter.
ENERGY TIMES investigation revealed that most NNPC’s outlets in the Lagos metropolis have adjusted their pump prices to N185 per liter.
A top industry sources told ENERGY TIMES on Friday that pump price of petrol has been slightly adjusted as the Federal Government commences gradual removal of the petrol subsidy.
Prices of the product simultaneously rose to above N185 per liter on Thursday.
“Marketers have been officially directed to change pump price of petrol. Go to stations operated by major marketers you will confirm what I have told you. But I think it shouldn’t be above N185 a liter. I can tell you too that depot owners are not expected to raise their prices but they have been asked to recover their costs by adjusting their prices”, he said
Government had earlier announced implementation of the withdrawal in April 2023, about three months ahead of the initial plan to effect a complete stop to the expenditure.
Motorists in Abuja and Lagos who queued for long time as usual at filling stations operated by major oil marketers were shocked to notice the adjustment on getting to the pumps.
After an 18-month extension, the Federal Government plans to spend N3.35 trillion on petrol subsidies from January till June 2023.
The extension, however, generated widespread debate on the expediency of such expenditure as it will increase the budget deficit of the FG which would be financed through additional borrowing and hence further rise in the nation’s public debt which stood at N44.06 trillion as at end of September 2022.
Investigations yesterday showed that government has begun the subsidy withdrawal urging marketers to adjust their pumps.
However, efforts to get reactions from marketers was unsuccessful as key marketers association were considering on how much could be applicable.
Equally, leadership of Independent Depot Owners were not ready to discuss the matter.