- Petrol Price Hits N955/Litre Nationwide Amid Rising Global Oil Tensions.
- NNPC and independent marketers raised pump prices following Dangote’s ex-depot hike.
- Global oil tensions and local speculation continue to drive prices higher.
Petrol prices have surged across Nigeria, with the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers implementing fresh increases that have pushed pump prices as high as N955 per litre.
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EKO HOT BLOG reports that on Monday, NNPC retail outlets in Abuja adjusted their pump prices to N945 per litre, while Lagos stations now sell at N915 per litre, up from previous rates of N910 and N870 respectively. Independent marketers also raised their prices in Abuja by N60, now selling petrol at N955 per litre. In Lagos, independent outlets now sell between N915 and N950 per litre.
The latest increase follows Dangote Petroleum Refinery’s upward revision of its ex-depot price from N825 to N880 per litre last week, sparking a chain reaction among fuel marketers.
Across Lagos and the South-West, retail stations affiliated with Dangote’s partners, such as MRS and AP, adjusted prices to N925 per litre. TotalEnergies now sells at N910 per litre, while other independent marketers offer rates as high as N920.
Depot sources confirmed to The PUNCH that major supply hubs in Lagos, including WOSBAB and NIPCO, have set ex-depot prices between N920 and N925 per litre as of June 23, citing rising upstream and international crude costs. Some depots have already pushed prices to N940 per litre.
PetroleumPrice.ng reported that despite a modest 3 per cent rise in crude prices globally, depot owners have increased prices by over 10 per cent, attributing the hikes to market speculation.
The global oil market remains tense following missile exchanges between Iran and the United States over the weekend, with fears of crude supply disruption persisting.
The recent petrol price hike is expected to worsen inflation, directly impacting transportation, businesses, and household expenses across the country.
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