Again, NNPCL raises petrol price

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, across several of its retail outlets in Abuja and its environs.

The latest adjustment has pushed the price of petrol at some NNPCL stations to as high as N1,430 per litre, further increasing the financial burden on motorists and consumers who have continued to contend with rising fuel prices.

NNPCL outlets adjust prices across Abuja

Checks at several NNPCL retail outlets in the Federal Capital Territory showed that petrol was being sold between N1,395 and N1,430 per litre. The new prices represent an increase of between N50 and N80 per litre, depending on the location of the filling station.

The revised prices have been implemented at NNPCL outlets in areas including Airport Junction, Gwarinpa, Kubwa Expressway and Wuse Zone 4, as well as other parts of Abuja and its surrounding communities.

The latest development is expected to have implications for transportation costs, particularly as motorists and commercial transport operators adjust to the higher pump price. Any sustained increase in petrol prices could also affect the cost of movement of goods and services.

Dangote refinery price increase adds pressure

The NNPCL adjustment comes shortly after MRS filling stations increased their petrol pump price to N1,395 per litre following an upward review of the gantry price by Dangote Refinery.

The Dangote Refinery increased its petrol gantry price to N1,265 per litre, a development that has contributed to the latest adjustments in the retail prices of petrol by some filling station operators.

The movement in pump prices comes against the backdrop of changes in the international oil market, where crude prices have recorded a sharp increase amid heightened tensions in the Middle East.

Crude prices rise amid Iran-US tensions

Brent crude rose to about $107 per barrel, while West Texas Intermediate (WTI) crude climbed to around $103 per barrel following a worsening conflict involving Iran and the United States.

The increase in crude prices has raised concerns about its potential impact on petroleum products and the broader energy market, particularly if the disruption to oil supplies persists.

The latest development followed Iran’s strike on Saudi Arabia’s East-West pipeline, adding to concerns about the security of critical oil infrastructure in the region.

The pipeline is an important route for the movement of crude oil in Saudi Arabia, and any prolonged disruption to energy infrastructure could further affect global supply expectations and push crude prices higher.

With NNPCL outlets now selling petrol at between N1,395 and N1,430 per litre in several parts of Abuja, motorists are expected to monitor prices closely as filling stations respond to developments in the domestic and international oil markets.