Skip to main content

Petrol pump price hits N630/litre as more filling stations shut down

Petrol pump price hits N630/litre as more filling stations shut down

Amid the ongoing crisis regarding the availability of fuel across the country, the pump price of Premium Motor Spirit (PMS) now stands at approximately N625 to N630 per litre.

Oil marketers continue to voice concerns about the mass shutdown of filling stations and the inability to transport petroleum tankers due to the skyrocketing costs associated with importation, lifting, transportation, and distribution of petroleum products.

Due to a lack of foreign exchange, marketers are struggling to import petroleum products, compounded by their inability to access products from the Nigerian National Petroleum Company Limited (NNPCL), leading to the current scarcity.

Investigations reveal that most filling stations within the Federal Capital Territory (FCT) are either not dispensing products or are selling them in the N625-N630 per litre range.

In response, the Nigerian National Petroleum Company Limited (NNPCL), the sole importer of fuel, has insisted that there is an ample supply of the product, with a 30-day sufficiency.

Commenting on the situation, Chief Chinedu Ukadike, the Spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), commended the government’s decision to maintain the current PMS price, considering the various crises afflicting the sector. However, he cautioned that if the current rate persists, petrol prices should be between N900 and N1,000 per litre, potentially creating a dire situation for Nigerians.

Ukadike explained, “The Federal Government has shifted away from deregulation and is now subsidizing petroleum products due to importers’ inability to source dollars from the parallel market, where the dollar rate is nearly N1,300. The government’s intervention, through its subsidiary NNPCL, has emerged as the country’s sole fuel importer, thus ensuring continued subsidy for Nigerians.”

He highlighted other factors contributing to the price increase, stating, “In Abuja, marketers are selling at N630 per litre because they are buying from Lagos, and the transportation cost from Lagos is now approximately N2.3 million, depending on the truck’s capacity, compared to the previous N400,000.

”Billy Gillis Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), noted that as of Friday, the PMS price from the depot was N605 per litre, justifying the noticeable adjustment in the retail price. He advised consumers that if they find PMS at N640 or N650, they should consider it a fair deal due to the challenges faced by retailers in sourcing and distributing the product.

Labels:

Comments

Post a Comment

Popular posts from this blog

Breaking: ASUU suspends 2-week warning strike

The Academic Staff Union of Universities, ASUU, has suspended its two-week warning strike it declared last week across all public universities in the country. The union announced the suspension on Wednesday at a press conference held at its headquarters in Abuja. President of ASUU, Chris Piwuna, who read a prepared speech before newsmen, explained that the development followed intervention by the Senate and some other well-meaning Nigerians. However, he sad the National Executive Council of the Union resolved to give the government a one-month window to address all contending areas.
2 comments
Read more

JUST IN: If Tinubu Had Told Me, I Wouldn’t Have Agreed To Rivers State Of Emergency Rule – Wike

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has stated that he would not have agreed with President Bola Ahmed Tinubu if he had discussed his move to declare a State of Emergency in Rivers State. Wike noted that he is not in conflict with the suspended Rivers State Governor,      Sim Fubara  He stressed his opposition on the State of Emergency rule, stating that only the President knows the right time to lift it. While speaking to journalists in Abuja on Monday, Wike remarked that Fubara has permitted himself to be manipulated by his adversaries to oppose him. The FCT Minister said: “ I made it clear that this impunity will not stand, so what is happening in PDP is what I call undertakers because I see no reason why you will put yourself under that kind of crisis. “I don’t have any crisis with him (Fubara). I’m not the President who declared a State of Emergency; if Mr President had called me, I wouldn’t have agreed to the State of Emergenc...
Post a Comment
Read more

Woman Burned to Death, Accused of Kidnapping 7yrs Old Boy in Delta

By Tessy ogbemi An angry mob set ablaze a woman accused in a failed child kidnapping attempt in Agbarho community, Ughelli North Local Government Area of Delta State.  The incident happened on Wednesday, September 24, 2025.  An eyewitness disclosed at the scene of the incident at Ekwvere Road claimed that the woman hid the seven year old boy she allegedly abducted in a sack, adding that she was even carrying a Bible on one hand.  Community sources said some residents in the area accosted the lady when they observed the way she was dragging the sack, to know what she had in it.  "She was unstable when they asked her to disclose what she was carrying in the sack. When the bag was forced open, they found a seven year old child in it. They shouted and it attracted a large crowd,” a source said.  It was gathered that the angry mob immediately brought a used tyre to the scene, which they forced down her neck after beating her to a pulp.  “The lady and the tyre we...
1 comment
Read more