The Nigerian National Petroleum Company Limited (NNPCL) has raised the price of Premium Motor Spirit, commonly referred to as petrol, at its retail locations.
CREEBHILLS has learned that NNPCL filling stations have increased their petrol prices to N999 per litre from the previous N965 in most of their locations within the Federal Capital Territory, Abuja, and Akwa Ibom State.
Additionally, the state-owned oil company has adjusted the PMS price in Lagos to N960 per litre, up from N925.
These fuel price modifications reflect a variance of N34 and N35 compared to the prior pricing structure.
It is noteworthy that last week, Dangote Refinery announced an increase in ex-depot petrol prices, resulting in a retail price escalation to N970 per litre from N935.
CREEBHILLS has verified that MRS filling stations, a partner of Dangote Refinery, located along the Kubwa Expressway, are now selling fuel at N970 per litre, an increase from N935.
Other fuel retail outlets are offering the product at prices ranging from N1,030 per litre to N1,100, contingent upon the specific location.
Both Dangote Refinery and the Petroleum Products Retailers Association of Nigeria have attributed the recent domestic petrol price increase to the escalation in global crude oil prices.
The Nigerian populace has expressed significant dissatisfaction regarding the situation.
In the meantime, CREEBHILLS reports that on Wednesday morning, Brent crude prices fell to $79 per barrel from over $81 the previous week.
However, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise has indicated that with Donald Trump’s presidency in the United States and his declarations regarding oil drilling, the global supply of the product may increase, consequently leading to a potential decline in prices in the forthcoming days.
