Business
Petrol Prices Could Hit N1,500 per Litre by December, Oil Marketers Says
Oil marketers have highlighted the uncertainty surrounding Nigeria’s petrol prices, explaining that predicting the future cost of Premium Motor Spirit (PMS) is nearly impossible.
Bill Gillis-Harry, President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), shared insights into this in a recent discussion, expressing concerns over rising fuel costs and the challenges within the oil and gas sector.
With growing speculation that petrol prices could soar to N1,500 per litre by December, Gillis-Harry emphasized that price fluctuations in Nigeria’s deregulated oil market make it hard to project any stable figures.
He pointed out that the pressing issue shouldn’t just be the price but rather the country’s energy security and ensuring a steady supply of petroleum products.
“Nothing remains the same,” he remarked, underscoring the constant shifts in the industry.
“We can’t pinpoint a specific figure for December’s fuel prices; instead, we must ensure we have enough stock to maintain our energy security.”
The unpredictability has added pressure to an already strained market, with petrol prices now exceeding N1,030 per litre in several areas nationwide.
The situation has been challenging for Nigerians, who are facing steep costs at the pump.
On October 9, the Nigerian National Petroleum Company Limited (NNPC) raised its pump price in Abuja to N1,030 per litre, up from N897, while other locations saw prices ranging from N1,080 to N1,300 per litre, based on demand and supply in those regions.
In response to the mounting crisis, oil marketers are seeking government intervention to avoid a potential collapse of the petroleum industry.
They recently requested a N100 billion support package from the federal government, aimed at stabilizing operations and mitigating the financial pressures on petroleum businesses.
This request, they argue, is critical to sustain operations, maintain job security, and manage the ever-changing landscape of Nigeria’s oil sector.
Dangote Refinery has announced a fresh reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol.
The company, which is one of Nigeria’s leading oil producers, announced in a statement shared by its spokesperson, Anthony Chiejina, on its official X account on Thursday.
Effective immediately, Dangote Refinery has lowered the ex-depot price of petrol to N899.50 per litre, down from the previous rate of N970.
In his statement, Chiejina mentioned the company’s commitment to helping alleviate the financial burden on consumers during the holidays.
“We have now announced a new price of N899.50 per litre.
This reduction is designed to ease transport costs during the festive period,” he said.
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS.
From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.”
In addition to the price reduction, Dangote Refinery has introduced a new incentive to make fuel more accessible for consumers.
Chiejina explained that for every litre of petrol purchased on a cash basis, buyers will have the opportunity to acquire an additional litre on credit.
This offer is backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank, providing customers with more flexible payment options.
Price of beans drops and news excites traders and consumers. Residents as well express joy with price drop amid the upcoming Christmas holiday. According to a report, the price of beans has sustained a slight drop as 100kg bag of beans is sold for 150k Naira to 140k.
The price of a bag has now dropped to 100k to 120k, depending on the type of beans. It was reported that the price of beans has been dropping for the past two weeks unlike the past months.
Nigeria’s Oil Production increased in November 2024 and has reached 1.69 Million per day going 10% increase compared to that of October production.
This now secures Nigeria’s oil production as the top in the Africa Oil Production.
The crude oil production rose with 11.42% but the condensation production reduced. Despite the great progress of the production, Nigeria’s oil production still has not reached their 2024 goal of 1.78mbpd.
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