President Bola Ahmed Tinubu’s administration has increased the pump price of fuel, even as the Ghana National Petroleum Authority (NPA) considers buying petroleum products from the Dangote Petroleum Refinery in Nigeria to lower consumption cost at home.
By May 29, 2023, when Tinubu assumed office, petrol price was N145.
Announced by the Nigerian National Petroleum Company Limited, the increment will see Nigerians in Lagos and Abuja buy petrol for N1,025 and N1,060 per litre respectively.
NNPCL petrol stations displayed the reviewed price at their various stations in Lagos and Abuja on Tuesday.
In October, petrol prices stood at N1,030 in Abuja, N998 in Lagos in NNPCL filling stations, while other petrol stations sold for between N1,100 and N1,200 per litre.
According to Reuters, Mustapha Abdul-Hamid, Chairman of NPA, Ghana, spoke on Monday at the OTL Africa Downstream Oil Conference in Lagos.
Abdul-Hamid said patronising Dangote Refinery would help his country cut more expensive exports from Europe which cost the country about $400 million monthly.
“If the refinery reaches 650,000 barrels-per-day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices,” Hamid said.
He said importing from Nigeria rather than Europe would reduce the prices of other goods and services by removing freight costs.
