NNPCL, Others Hike Petrol Prices

The Nigerian National Petroleum Company Limited (NNPCL) and many other fuel retailers have adjusted their pump prices upward, with the cost of Premium Motor Spirit now reaching as high as ₦960 per litre in the Federal Capital Territory, Abuja

A check across parts of the Federal Capital Territory on Tuesday showed that NNPCL outlets adjusted their prices upward from ₦875 per litre sold on Monday to ₦960 per litre.

The latest adjustment represents an ₦85 increase per litre by the state-owned oil firm.

The new pump price has already been implemented at NNPCL stations along the Kubwa Expressway, Gwarimpa, Wuse Zone 6, Zone 4 and other parts of the city.

Motorists were seen expressing frustration as they adjusted to the new reality, with many lamenting the ripple effects on transportation fares and the cost of goods.

Similarly, Empire and Ranoil Sharon filling stations also raised their pump prices, selling between ₦960 and ₦980 per litre as of Tuesday.

Dangote Refinery had on Monday increased its gantry petrol price to ₦874 per litre.

Industry operators had earlier warned that the increase would inevitably reflect at retail outlets nationwide.

Both the Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria confirmed that fuel prices would rise from Tuesday.

The hike has been linked to rising global crude oil prices amid renewed hostilities in the Middle East, which have unsettled international energy markets.

With petrol now hovering around ₦960 per litre in parts of Abuja, commuters and transport operators fear a fresh wave of fare increases.