The Nigerian National Petroleum Company Limited, NNPCL, alongside several filling stations, has increased the pump price of Premium Motor Spirit, PMS, for the second time in less than 24 hours following a price adjustment at the Dangote Refinery.
The state owned oil company on Sunday raised its petrol pump price from N967 to N1,082 per litre in Abuja and surrounding areas. The new rate represents an increase of N115 per litre.
The latest adjustment came shortly after an earlier price change from N960 to N967 per litre. With the two increases combined, NNPCL retail outlets have raised petrol prices by N207 within less than one week.
Checks across several NNPCL filling stations in Abuja show that the new prices have already been implemented. Locations affected include Kubwa Expressway, Gwarimpa, Wuse Zone 6, Wuse Zone 4, and Lifecamp.
Other filling stations have also implemented similar adjustments. Stations such as MRS, AA Rano Ranoil, and Empire Energy have raised their pump prices at least twice, with current prices now ranging between N1,092 and N1,150 per litre. These rates were previously between N960 and N980 per litre.
Reacting to the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis Harry, attributed the increase in domestic petrol prices to volatility in global crude oil prices.
“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 urged regulators in Nigeria’s oil sector to step in and prevent further instability in petrol prices.
Dangote Refinery had earlier increased its petrol gantry price by N121, moving from N874 to N995 per litre as global crude oil prices climbed above 90 dollars per barrel.
