PETROL prices are currently near N1,000 per litre as the Nigerian National Petroleum Company Limited (NNPCL) stations and other filling station outlets across the country are raising prices.
Checks by The ICIR showed some price fluctuations, with the current price ranging from N900-N1,000 per litre.
Further checks by The ICIR showed that the NNPCL sold N950+/litre on Monday, August 4, in most of its retail outlets in Abuja.
Consequently, barely 48 hours later, the NNPCL reduced it to N900 per litre.
The new pricing has been implemented at several outlets in Abuja, including those located in Gwarimpa, Kubwa Expressway, Wuse Zone 6, and Wuse Zone 4.
The development marks a N50+ per litre reduction following Monday’s sharp increase to N950+ per litre.
The pump price of petrol has witnessed a significant upward adjustment to near N1,000 per litre from about N865 per litre sold at the beginning of the week, The ICIR have observed.
In some of the filling stations visited on Thursday, August 7, the reporter observed that NNPCL and other oil markets have adjusted their pump prices.
The pump prices were adjusted mostly yesterday, in the early hours of today, the reporter gathered.
In some of the filing stations visited in Lagos and Ogun states, pump prices vary.
At the two NNPCL filling stations at Ojudu Berger in Lagos state, the petrol pump price is being sold at N870 per litre.
At a Petrocam filling station at Mowe, Ogun state, the pump price has been adjusted to N990, from N885 yesterday.
“We are selling fuel at N990 now. It was N885 yesterday,” a petrol attendant, Lukeman, told The ICIR.
At the Ardova (AP) opposite the Redemption City, in Mowe, the filling station is selling at N910.
Asked when the recent pump price adjustment took effect and how much the filling station was selling before, Janet, a petrol attendant, said, “We increased our pump price yesterday; it was N865 before.”
Also at a Conoil filling station beside the Redemption City, the price has been adjusted to N950 per litre.
There was no queue in all the filling stations visited, the reporter observed.
Meanwhile, independent marketers have also made downward adjustments. Ranoil and Empire Energy stations in Gwarimpa now sell petrol at N955 and N950 per litre, respectively, down from N971 and N970.
The ICIR reports that changes in international crude oil, Rockies, and refinery operations can impact pump prices.
“In a deregulated market, prices can change twice a day. Supply equation, how much available products, prevailing market fundamentals, international price, logistics, and competition inform price adjustments,” former Chairman of the Major Marketers Association of Nigeria (MOMAN), Adetunji Oyebanji, said.
The upward and downward movement of crude oil prices in the international market are other key factors affecting the price of crude oil, The ICIR findings showed further.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.