NNPC Announces New Official Petrol Price As MRS, Ardova, Mobil Adjust Pumps
- The NNPC Limited has announced an increase in the pump price for Premium Motor Spirit (PMS) for Nigerians
- The latest change follows recent adjustments experienced at depots and also at Dangote refinery
- The new fuel price at filling stations is expected to cause a transportation fare increase across the country
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian National Petroleum Company Limited (NNPCL) has increased its petrol pump price to N915 per litre in Lagos on Sunday, June 22.
This new price represents a N15 increase from the previous pump price of N870 per litre.
Source: Getty Images
Amos, A filling station attendant in Lagos, told Legit.ng
"Our manager was instructed on Sunday morning to adjust the pump price to N915. Our previous price is N870 per litre."
Like NNPC, other fuel stations increase petrol prices
Earlier, Legit.ng reported that Ardova, Mobil, Petrocam, Hyden, Matrix and other filling stations have also made changes to their pump price above N900 per litre.
At the Ardova filling station, the fuel pump price was increased from N865 per litre to N930 per litre.
At MRS Oil Nigeria filling stations, fuel is also now being sold at N925 per litre in Lagos, up from N865 just days ago.
The company also released the following new prices for its fuel:
- Lagos: N925
- South-West: N935
- North-West & North-Central: N945
- South-South & South-East: N955
- North-East: N955
Not only MRS, but other Dangote partners such as Technoil and Optima Energy have also adjusted their petrol pump prices.
Source: Getty Images
Dangote increases petrol price
The Dangote Petroleum Refinery has increased its ex-depot petrol price to N880 per litre.
The new price represents a N55 increase compared to the previous rate of N828 quoted by the refinery.
Petroleumprice.ng, a platform that tracks daily product prices, as well as a pro forma invoice, confirmed the latest change.
Why is fuel price increasing
The changes in petrol prices can be traced to the recent surge in global crude oil prices.
Reuters reports that oil prices jumped by nearly 3% as a week-old air war between Israel and Iran escalated. Brent crude futures settled up $2.15, or 2.8%, at $78.85 per barrel, the highest close since January 22.
Meanwhile, U.S. West Texas Intermediate (WTI) crude for July rose by $2.06, or 2.7%, to $77.20 at 1:30 p.m. EST (5:30 p.m. GMT).
Despite Nigeria being an oil-producing nation, Aliko Dangote recently revealed that his 650,000-barrel-per-day refinery is increasingly sourcing crude oil from the United States.
This exposes the refinery to fluctuations in global oil prices and exchange rate volatility. To protect its margins, the refinery adjusts its petrol prices in line with international crude oil movements.
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Source: Legit.ng
