The Nigerian National Petroleum Company Limited (NNPCL) has raised the price of Premium Motor Spirit (PMS) across its retail outlets. As of Tuesday, NNPCL stations in the Federal Capital Territory (Abuja) and Akwa Ibom State have increased petrol prices to N999 per litre, up from N965. Similarly, prices in Lagos have risen to N960 per litre from N925.
These price adjustments reflect a N34 to N35 increase at various NNPCL stations. Last week, Dangote Refinery also raised its ex-depot petrol price to N970 per litre, up from N935, which was reflected at partner MRS filling stations along the Kubwa Expressway. Other retail outlets have increased prices to between N1,030 and N1,100, depending on the location.
The increase in domestic petrol prices has been attributed to rising global crude oil prices. Both Dangote Refinery and the Petroleum Products Retailers Association of Nigeria (PPRA) have cited this as the key reason behind the price surge.
However, despite the domestic hike, global crude prices have shown signs of fluctuation, with Brent crude dropping to $79 per barrel from above $81
In response to the ongoing price challenges, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise expressed optimism, noting that with changes in U.S. oil policy under former President Donald Trump, global oil supply may increase, which could potentially lead to lower prices in the coming days.
Nigerians have voiced strong dissatisfaction with the continuous increase in fuel prices, citing the financial strain it places on households and businesses.
