As Nigerians continue to groan over the increase in fuel prices by the Nigerian National Petroleum Company (NNPC) Limited, Naija News brings you the latest update on petrol scarcity, fuel price increase and Govt/citizens’ reactions.
NNPCL Hikes Petrol Price To ₦990 Per Litre In Abuja
Retail outlets owned by the Nigerian National Petroleum Company Limited (NNPCL) have raised the pump price of Premium Motor Spirit (PMS), popularly known as petrol, from ₦965 to ₦990 per litre in the Federal Capital Territory (FCT).
In Lagos, the price at NNPCL outlets rose from ₦925 to ₦960 per litre, reflecting the latest nationwide price adjustment implemented on Tuesday.
The price increase is part of the ongoing deregulation policy in the petroleum sector, which allows pump prices to fluctuate based on market forces.
According to Punch, industry insiders attribute the hike to rising crude oil costs and the introduction of products from the Dangote Refinery into the market.
Dealers confirmed that PMS prices are likely to continue climbing due to the upward trend in global crude oil prices.
MRS ₦970, NNPC ₦925, Other Fuel Stations Adjust Petrol Pump Prices
Several filling stations in Lagos on Monday increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, following a rise in the ex-depot price due to the recent surge in international crude oil prices.
Crude oil prices had spiked sharply last week but dipped slightly on Monday ahead of the inauguration of U.S. President Donald Trump.
On Sunday, Dangote Refinery attributed the recent increase in PMS prices to fluctuations in international crude oil prices.
A statement from the refinery explained, “Since crude remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product.”
Dangote disclosed that its partners, including Ardova, Heyden, and MRS Holdings, will sell petrol nationwide at a retail price of ₦970 per litre.
Checks on Monday revealed that several filling stations, including MRS, had adjusted their prices to ₦970 per litre.
Despite the price adjustments, Nigerian National Petroleum Company Limited (NNPCL) stations in Lagos continued selling PMS at ₦925 per litre, attracting long queues.
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