The Nigerian National Petroleum Company Limited (NNPCL) and other filling stations have increased the pump price of Premium Motor Spirit (PMS) for the second time in less than 24 hours following a price hike by Dangote Refinery.
NNPCL on Sunday adjusted its pump price from N967 to N1,082 per litre in Abuja and surrounding areas, representing an increase of N115 per litre.
The latest adjustment comes after an earlier increase from N960 to N967. With the recent hike, NNPCL retail outlets have raised petrol prices by N207 in less than a week.
The new prices have already been implemented across several NNPCL retail outlets, including stations along Kubwa Expressway, Gwarimpa, Wuse Zone 6, Zone 4, and Lifecamp in Abuja.
Other filling stations such as MRS, AA Rano, Ranoil, and Empire Energy have also adjusted their pump prices at least twice. Petrol now sells between N1,092 and N1,150 per litre at some stations, up from the previous range of about N960 to N980 per litre.
Speaking on the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, explained that the increase in domestic petrol prices is linked to volatility in global crude oil prices.
According to him, the price adjustment is influenced by international tensions affecting crude oil supply.
“The Dangote Refinery gantry petrol price hike and retail price adjustment are due to crude price volatility caused by the Iran–US–Israel conflict affecting the Gulf region,” he said.
He also called on regulators in Nigeria’s oil sector to intervene in order to prevent further fluctuations in petrol prices.
Earlier, Dangote Refinery had increased its petrol gantry price by N121, moving from N874 to N995 per litre as global crude oil prices surged above $90 per barrel.
