NewsOnline Nigeria reports that the Dangote Refinery has commenced the sale of petrol to oil marketers at a rate of N1,014.75 per litre, breaking down the cost into N990 per litre and an additional 2.5% variation charge.
This price has been a surprise to many Nigerians who expected lower prices following a recent “crude-for-naira” deal intended to make petrol more affordable.
Since the Nigerian National Petroleum Company Ltd (NNPC) stepped back from its exclusive buying rights, the market is now open to all marketers, allowing direct price negotiations.
As a result, petrol prices at filling stations have risen, with independent outlets setting prices as high as N1,200 per litre.
This shift aligns with the full deregulation of Nigeria’s downstream petroleum sector, allowing refineries like Dangote’s to sell on a “willing buyer, willing seller” basis.
Deregulation may lead to stabilized supply chains but has also resulted in price hikes as marketers adjust their prices to cover costs and include profit margins.
FG has ordered Julius Berger to vacate Abuja-Kano Road Project. NewsOnline Nigeria reports that…
A new Terrorist Group, LAKURAWAS has sprung up in the North. NewsOnline Nigeria reports…
The first US Presidential Election Result has emerged. NewsOnline Nigeria reports that voting in…
FG has released minors charged with treason for protesting against hunger in Northern Nigeria. …
The black market dollar to Naira exchange rate on Tuesday 5th November 2024 can be…
President Tinubu has made two important appointments. NewsOnline Nigeria reports that President Bola Tinubu…