NNPC Increases Petrol Price
The Nigerian National Petroleum Company Limited (NNPCL) and several filling stations have increased the pump price of Premium Motor Spirit (PMS) again, marking the second rise in less than 24 hours after the Dangote Refinery raised its gantry price.
The adjustment happened on Sunday when the state-owned oil company changed its petrol price from N967 per litre to N1,082 per litre in Abuja and nearby areas.
The new rate represents an increase of N115 per litre at NNPCL retail outlets.
Earlier before this latest change, the company had already moved its pump price from N960 per litre to N967 per litre.
With the two changes, petrol sold by NNPCL has gone up by N207 within less than one week.
Checks at several NNPCL stations showed that the new price has already taken effect.
The change was seen at outlets located along Kubwa Expressway, Gwarimpa, Wuse Zone 6, Zone 4 and Lifecamp in the Federal Capital Territory.
Other filling stations have also adjusted their prices more than once during the same period.
Stations operated by MRS, AA Rano Ranoil and Empire Energy now sell petrol between N1,092 and N1,150 per litre. Before the new adjustments, many of these stations were selling petrol between N960 and N980 per litre.
The leadership of the Petroleum Products Retail Outlets Owners Association of Nigeria linked the latest increase in domestic fuel prices to the unstable situation in the global crude oil market.
According to the association’s national president, Billy Gillis-Harry, the rise in petrol prices at the Dangote Refinery gantry and at filling stations is connected to fluctuations in crude oil prices in the international market.
The instability in oil prices is linked to tensions involving Iran, the United States and Israel, which are affecting activities in the Gulf region.
He also urged regulators in Nigeria’s oil sector to take action in order to prevent further instability in petrol prices across the country.
The development followed a recent change at the Dangote Refinery, where the gantry price of petrol increased by N121, moving from N874 per litre to N995 per litre. The adjustment came as crude oil prices climbed above $90 per barrel in the international market.
