NNPC Announces New Petrol in Abuja, Lagos, And Other Cities
- NNPCL has raised its petrol prices to as much as N1,430 per litre at several Abuja retail outlets
- MRS follows with a N1,395 pump price after Dangote Refinery increases petrol ex-depot costs
- Rising crude prices and Middle East tensions could trigger further petrol price increases across Nigeria
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, at several of its retail outlets.
The latest adjustment means motorists in Abuja and other locations are now paying as much as N1,430 per litre, adding to concerns over rising transportation and household costs.
Source: Getty Images
A market survey on Tuesday showed that several NNPC filling stations in Abuja and surrounding areas had adjusted their petrol prices to between N1,395 and N1,430 per litre.
The new rates represent an increase of between N50 and N80 per litre at affected stations.
NNPC petrol price rises in Abuja
Checks showed that the revised petrol prices had taken effect at NNPC outlets around Airport Junction, Gwarinpa, Kubwa Expressway and Wuse Zone 4, among other locations in the Federal Capital Territory.
The adjustment comes as fuel marketers respond to another round of volatility in the global crude oil market and changes in domestic supply costs.
For motorists, the increase means additional pressure at the pump, with higher petrol prices potentially feeding into transport fares and the cost of moving goods across the country.
MRS adjusts petrol pump price
NNPC's latest move follows price adjustments by other major fuel retailers.
MRS filling stations had raised their petrol pump price to N1,395 per litre following an increase in the ex-depot price of petrol supplied by Dangote Petroleum Refinery.
Changes in refinery and depot prices are closely watched by marketers because they influence the cost at which retailers replenish their stocks.
The latest increases could therefore trigger further adjustments across filling stations as operators respond to replacement costs.
Crude oil prices put pressure on petrol market
The domestic petrol price changes come amid a sharp increase in international crude oil prices.
Brent crude, the international benchmark against which Nigeria's oil is priced, climbed to around $107 per barrel, while West Texas Intermediate (WTI) traded near $103 per barrel.
The rally followed heightened geopolitical tensions involving Iran and the United States, alongside concerns about disruptions to energy infrastructure and crude oil supplies in the Middle East.
Source: Getty Images
Iran's reported strike on Saudi Arabia's East-West pipeline further heightened concerns over possible supply disruptions, putting additional pressure on global oil prices.
For Nigeria, sustained increases in crude prices could continue to influence petrol production, import and distribution costs, leaving motorists exposed to further changes at filling stations.
New petrol prices hit filling stations
Legit.ng earlier reported that Motorists across Nigeria are now paying as much as N1,450 per litre at filling stations following another round of petrol price increases, with the Centre for the Promotion of Private Enterprise (CPPE) warning that reinstating a universal fuel subsidy would be fiscally damaging and economically unsound.
Legit.ng checks conducted on Sunday, September 13, found that pump prices in Lagos ranged from N1,400 to N1,430 per litre at most filling stations, while MRS stations were selling at roughly N1,395 per litre.
Source: Legit.ng
