- NNPCL raises petrol prices to ₦990 in Abuja, ₦960 in Lagos.
- Dangote Refinery operations and global crude prices drive fuel cost hikes.
- Marketers sell petrol between ₦960 and ₦1,100 across Nigeria.
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦990 per litre in Abuja, up from ₦965.
EDITOR’S PICKS
- “Lying Mothers Enable Toxic Sons” – Saida Boj
- Nigeria Now Official Partners Of The BRICS – What Are The Implications Of This?
- Violence Breaks Out as Court Extends Detention of Impeached South Korean President
EKO HOT BLOG reports that similarly, in Lagos, the price rose from ₦925 to ₦960 per litre. These adjustments reflect market dynamics under the deregulation policy, which ties fuel prices to global supply and demand.
The price hike coincides with the commencement of loading operations at the Dangote Refinery, expected to impact Nigeria’s fuel supply chain. Dealers and industry experts link the increase to rising crude oil prices and adjustments by private depots and marketers. Some independent marketers in Lagos and Abuja now sell petrol at rates between ₦960 and ₦1,030 per litre.
Depot prices have also climbed, with Dangote Refinery increasing its PMS loading price from ₦899 per litre to ₦955 per litre. Filling stations like AYM Shafa, Matrix, and Shema along major routes in Abuja now retail petrol between ₦1,000 and ₦1,030 per litre.
In Akwa Ibom, petrol prices have reached as high as ₦1,100 per litre. A source at a private depot confirmed that loading resumed fully on Monday, ensuring product availability despite higher prices.
Brent crude oil futures showed slight fluctuations, trading at $79.98 per barrel on Monday before marginally increasing to $80.05 after the U.S. administration’s policy shifts. Industry experts, like Olatide Jeremiah, attribute the hike to global market forces, emphasizing that deregulation is essential for addressing fuel scarcity and price volatility.
Meanwhile, consumers continue to adjust to the fluctuating prices, with queues disappearing as stations implement new rates. The tricycle operators and other stakeholders express concerns about affordability amid these changes.
