The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of Premium Motor Spirit (PMS), commonly known as petrol, across its retail outlets.
In Abuja, the price increased from N965 to N990 per litre, while in Lagos, the price rose from N925 to N960 per litre. The adjustments took effect nationwide on Tuesday.
At the NNPCL outlet at Airport Junction, Abuja, petrol was sold at N990 per litre, an increase of N25 from the previous day. Meanwhile, other stations in the Life Camp area displayed prices of N970 per litre but were not dispensing fuel during the visit.
The adjustments coincide with broader market shifts, reflecting Nigeria’s deregulation of the petroleum sector, which allows fuel prices to be determined by market forces such as supply and demand.
The hike follows recent developments, including the commencement of loading operations at the Dangote Refinery, which many believe will redefine Nigeria’s fuel distribution network.
The Dangote Refinery, a $20 billion facility, recently raised its petrol price at the loading gantry from N899 to N955 per litre. As a result, independent and major marketers adjusted their retail prices, with some stations in Lagos and Akwa Ibom selling petrol for as high as N1,030 and N1,100 per litre, respectively.
Dealers and industry experts suggest that prices may continue to rise as crude oil costs remain volatile. Speaking on the situation, an oil and gas expert, Olatide Jeremiah, noted, “The Refinery, Depot, and Pump price changes are a reflection of market forces and a testament to the petroleum sector being deregulated. Deregulation is one major solution to fuel scarcity and hike in pump prices.”
Global crude oil prices have also experienced fluctuations, with Brent crude recently trading at $79.98 per barrel, down from $81 last week.
