The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol to N990 per litre in the Federal Capital Territory, up from N965 per litre.
In Lagos, the price rose from N925 to N960 per litre, while some filling stations in Abuja showed varied adjustments, with some selling at N990 and others maintaining the previous rate of N965 per litre.
This price hike follows the commencement of loading operations at the Dangote Refinery, which has set its depot price at N955 per litre. Independent and major marketers have adjusted their rates, with some selling petrol above N1,000 per litre in various regions, including Akwa Ibom and Lagos.
The price adjustments are linked to rising global crude oil prices, with Brent crude trading at $79.98 per barrel before a slight rebound to $80.05. Experts attribute the increases to market forces under Nigeria’s deregulation policy.
Oil and gas analyst Olatide Jeremiah noted that “deregulation remains key to addressing fuel scarcity and price volatility,” predicting further adjustments as global energy trends evolve.
Consumers are now grappling with higher costs, with many stations across the country adjusting their pump prices to reflect these changes.
