The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit, popularly known as petrol, for the second time in less than 24 hours following the latest gantry price hike by the Dangote Petroleum Refinery.
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Checks on Sunday showed that NNPCL retail outlets adjusted the pump price from ₦967 to ₦1,082 per litre across Abuja and surrounding areas.
The new price represents a ₦115 increase per litre, coming shortly after the state-owned oil firm had earlier raised the price from ₦960 to ₦967 per litre.
With the latest adjustment, NNPCL retail stations have increased petrol prices by ₦207 per litre within less than a week, reflecting the growing pressure in the downstream petroleum market.
The revised prices were observed at NNPCL outlets along Kubwa Expressway, Gwarimpa, Wuse Zone 6, Wuse Zone 4 and Lifecamp in Abuja.
The development has further intensified concerns among motorists and consumers already grappling with rising fuel costs across the country.
Other independent marketers have also increased pump prices following the refinery’s adjustment.
Filling stations including MRS Oil Nigeria, AA Rano, and Empire Energy have reportedly revised their pump prices at least twice.
At some of the stations, petrol now sells between ₦1,092 and ₦1,150 per litre, compared to the earlier price range of ₦960 to ₦980 per litre.
The latest adjustments followed a significant increase in the petrol gantry price by Dangote Refinery.
The refinery recently raised its ex-depot petrol price by ₦121, from ₦874 to ₦995 per litre, as international crude oil prices surged above $90 per barrel.
Industry observers say such gantry price adjustments typically influence pump prices nationwide as marketers adjust to higher replacement costs.
Reacting to the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, attributed the price increase to global crude oil volatility.
According to him, the spike in crude oil prices is being driven by geopolitical tensions in the Middle East.
“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.
However, Gillis-Harry urged regulators in Nigeria’s oil sector to take urgent steps to stabilise the market and prevent further fluctuations in petrol prices.
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