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 gantry price hike by Dangote Refinery.
Reports indicate that the state-owned oil company NNPCL on Sunday raised its pump price from N967 to N1,082 per litre in Abuja and surrounding areas, representing an increase of N115 per litre.
This development comes shortly after an earlier adjustment from N960 to N967. With the latest hike, NNPCL retail outlets have now increased petrol prices by a total of N207 per litre in less than one week.
It was observed that the latest prices have been implemented across NNPCL retail 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.
