NNPCL has joined Dangote Refinery to raise Petrol Price Nationwide.
NaijaOnPoint Nigeria reports that the 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.
Checks revealed varying prices across stations:
– An NNPCL outlet at Airport Junction, Abuja, sold petrol at ₦990 per litre, up from ₦965 on Monday.
– Another station in Life Camp listed its price at ₦970 per litre but was not dispensing fuel to customers.
– A station at Mabuchi maintained its previous price of ₦965 per litre during the visit.
NaijaOnPoint Nigeria reports that the increase also places NNPCL prices higher than the ₦970 per litre rate announced by the Dangote Refinery in partnership with MRS, Ardova, and Heyden stations.
The hike follows the Dangote Refinery’s upward adjustment of PMS prices at its loading gantry from ₦899 to ₦955 per litre. The $20bn refinery, which recently commenced operations, is expected to significantly influence Nigeria’s fuel supply chain.
Last Friday, pump prices at major and independent filling stations had surged to between ₦1,050 and ₦1,150 per litre due to increased depot rates.
While NNPCL outlets now sell at a maximum of ₦990 per litre, major and independent marketers have adjusted their prices, with some selling as high as ₦1,030 per litre.