The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (petrol) from N965 to N990 per litre in the Federal Capital Territory (FCT), effective Tuesday.
In Lagos, the price moved from N925 to N960 per litre, while checks across various filling stations revealed varying adjustments reflecting the new pricing template.
This development aligns with the government’s deregulation policy, allowing petrol prices to fluctuate based on market dynamics. The increase comes amid rising global crude oil prices and operational activities at the Dangote Refinery, which has begun loading refined petroleum products.
At select Abuja stations, the price hike varied: some outlets maintained the previous price of N965 per litre, while others peaked at N990. In other regions, petrol prices have surpassed N1,000, with stations along Lagos’ Airport Road selling at N1,030 per litre.
Industry sources confirmed ongoing adjustments as marketers respond to global crude price trends and supply chain dynamics. Brent crude oil, a key indicator, recently fell to $79.98 per barrel before marginally recovering to $80.05.
Oil expert Olatide Jeremiah described the hikes as a reflection of deregulation, stating, “This increase is temporary, driven by global market forces.”
Consumers are advised to brace for further fluctuations as Nigeria aligns its energy sector with global trends.