“NNPC’s New Fuel Price Hits Nigerians Hard”
The Nigerian National Petroleum Company Limited has raised the cost of Premium Motor Spirit, commonly known as petrol, at its retail stations. Naijaeyes reported on Tuesday that NNPCL filling stations have increased their petrol price to N999 per litre from N965 at most of their locations in the Federal Capital Territory, Abuja, and Akwa Ibom State.
The state-owned oil company has also raised the PMS price in Lagos to N960 per litre, up from N925.
These adjustments in fuel prices reflect an increase of N34 and N35 compared to the previous rates.
It is worth mentioning that last week, Dangote Refinery declared a rise in ex-depot petrol pricing, with its retail price climbing to N970 per litre from N935.
On Tuesday, NAIJAEYES verified that MRS filling stations, which are partners of Dangote Refinery along the Kubwa Expressway, were selling fuel at N970 per litre, an increase from N935.
Various other fuel retail outlets are offering the product at prices ranging from N1030 per litre up to N1,100, depending on the area.
Both Dangote Refinery and the Petroleum Products Retailers Association of Nigeria attributed the latest rise in domestic petrol prices to the increase in global crude oil prices.
There has been widespread criticism from Nigerians regarding this situation.
Meanwhile, NAIJAEYES has reported that on Wednesday morning, Brent crude prices fell to $79 per barrel from above $81 the previous week.

However, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise pointed out that with Donald Trump’s presidency in the United States and his announcement regarding oil drilling, the global supply of the product may increase, potentially causing prices to decrease in the upcoming days.
Naija eyes report
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