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NNPCL raises fuel price twice in 24 hours
The Nigerian National Petroleum Company Limited (NNPCL) and other filling stations have increased the price of Premium Motor Spirit (PMS) for the second time in less than 24 hours following a gantry price hike by Dangote Refinery.
Very Nigerian reports the state-owned oil firm on Sunday adjusted its pump price from N967 to N1,082 per liter in Abuja and surrounding areas, marking a N115 increase per liter.
This comes after an earlier adjustment from N960 to N967, also reported by Very Nigerian, meaning NNPCL retail outlets have increased petrol prices by N207 in less than a week.
Very Nigerian noted that the new prices have been implemented across NNPCL outlets in Kubwa Expressway, Gwarimpa, Wuse Zone 6, Zone 4, and Lifecamp.
Similarly, other filling stations, including MRS, AA Rano Ranoil, and Empire Energy, have adjusted their fuel pumps at least twice, with prices now ranging between N1,092 and N1,150 per liter, up from around N960 to N980 per liter.
Speaking on the fuel price hike, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said the domestic petrol price increase is linked to global crude oil price volatility.
“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, however, called on oil sector regulators in Nigeria to intervene to prevent further petrol price volatility.
Recall that Dangote Refinery had increased its petrol gantry price by N121, from N874 to N995 per liter, as crude oil prices surged above $90 per barrel.
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