The Nigerian National Petroleum Company Limited (NNPCL) has raised the price of Premium Motor Spirit (PMS), commonly known as petrol, across its retail outlets.
As of Tuesday, the price at NNPCL filling stations increased to N999 per litre from N965 in most outlets within the Federal Capital Territory (FCT), Abuja, and Akwa Ibom State. In Lagos, the price also saw a rise, moving from N925 to N960 per litre.
This price hike represents a N34 to N35 increase from the previous rates, reflecting the growing pressure of rising global oil prices. The move follows an announcement from Dangote Refinery last week, which also raised its ex-depot price for petrol to N970 per litre, up from N935. On Tuesday, filling stations like MRS along the Kubwa Expressway in Abuja were selling petrol at N970 per litre, up from N935.
At other retail outlets, the cost of petrol varies, with prices ranging from N1,030 to N1,100 per litre, depending on location. The rise in petrol prices has sparked widespread condemnation among Nigerians, who are already grappling with the economic effects of high fuel costs.
The recent price increases have been attributed to a surge in global crude oil prices, with Dangote Refinery and the Petroleum Products Retailers Association of Nigeria citing the ongoing trend in the international market. However, despite the price hike, Brent crude oil dropped to $79 per barrel on Wednesday, down from over $81 the previous week.
