The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), marking the second hike in less than 24 hours following a fresh price adjustment by the Dangote Refinery.
The state-owned oil company on Sunday raised its petrol price from N967 to N1,082 per liter across Abuja and surrounding areas, representing an increase of N115 per liter.
The development comes shortly after an earlier adjustment that moved the price from N960 to N967 per liter. With the latest review, petrol prices at NNPCL retail outlets have climbed by about N207 per liter in less than a week.
Checks showed that the new price has already been implemented at several NNPCL stations along Kubwa Expressway, Gwarimpa, Wuse Zone 6, Zone 4, and Lifecamp in Abuja.
Other filling stations, including MRS Oil Nigeria Plc, AA Rano Nigeria Limited, and Empire Energy Nigeria, have also adjusted their pump prices at least twice, with petrol now selling between about N1,092 and N1,150 per liter, up from the previous range of N960 to N980.
Commenting on the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said the latest increase in domestic petrol prices is linked to volatility in the global crude oil market.
According to him, the recent hike in the refinery’s gantry price and retail pump prices is largely driven by rising crude oil prices triggered by tensions involving Iran, the United States, and Israel in the Gulf region.
He, however, urged regulators in Nigeria’s oil sector to step in to address the growing volatility in petrol prices.
The development follows a recent price adjustment by Dangote Refinery, which increased its petrol gantry price by N121 to N995 per liter from N874, amid a surge in global crude oil prices to above $90 per barrel.
