NNPCL Hikes Petrol Prices to N999/Litre Amidst Global Oil Fluctuations

The Nigerian National Petroleum Company Limited (NNPCL) has raised the price of Premium Motor Spirit (PMS) across its retail outlets, marking another increase in the cost of fuel for Nigerians. As of Tuesday, NNPCL filling stations in Abuja and Akwa Ibom State increased the price of petrol to N999 per litre from the previous N965. Similarly, in Lagos, the price per litre rose to N960, up from N925.

This price hike reflects an increase of N34 and N35 per litre, respectively, compared to the previous prices. In a related development, Dangote Refinery, which had already raised its ex-depot petrol price last week, saw its retail price rise to N970 per litre, up from N935. Retail stations like MRS, along the Kubwa Expressway, have followed suit, adjusting their prices to N970 per litre.

Other fuel outlets across the country are now selling petrol between N1,030 and N1,100 per litre, depending on the location. The recent surge in fuel prices has been attributed to the rising global prices of crude oil, a factor acknowledged by both Dangote Refinery and the Petroleum Products Retailers Association of Nigeria.

The price increase has sparked widespread frustration among Nigerians, who are already grappling with the high cost of living. Despite a recent drop in Brent crude prices to $79 per barrel from above $81 last week, analysts suggest that the global supply of oil might increase in the coming days, which could lead to a decrease in prices. The Chief Executive Officer of the Centre for the Promotion of Private Enterprise noted that, with potential changes in U.S. oil policies under Donald Trump’s leadership, there could be shifts in the global oil supply that may ease domestic prices. However, for now, Nigerians continue to bear the brunt of rising fuel costs.