FUEL COSTS SURGE TWICE IN A DAY AS NNPCL ADJUSTS PRICES
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By: Fasasi Hammad
The Nigerian National Petroleum Company Limited (NNPCL), along with other fuel stations, has raised the pump price of Premium Motor Spirit (PMS) for the second time in less than 24 hours, following a gantry price hike by Dangote Refinery.
According to the media, the state-owned oil firm increased its pump price in Abuja and surrounding areas from ₦967 to ₦1,082 per liter on Sunday, marking a ₦115 rise per liter.
This comes after an earlier increase from ₦960 to ₦967, also reported by the media, meaning that NNPCL retail outlets have raised petrol prices by a total of ₦207 in under a week.
The media noted that the latest prices have already been implemented at NNPCL stations across Kubwa Expressway, Gwarimpa, Wuse Zone 6, Zone 4, and Lifecamp.
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Other filling stations, including MRS, AA Rano Ranoil, and Empire Energy, have also adjusted their pump prices at least twice, with current rates ranging from ₦1,092 to ₦1,150 per liter, up from around ₦960–₦980 per liter.
Commenting on the hike, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, attributed the domestic petrol price increase to global crude oil price volatility.
“The Dangote Refinery gantry price hike and the subsequent retail price adjustment are linked to crude oil volatility caused by the Iran–US–Israel conflict affecting the Gulf region,” he explained.
He called on regulators in Nigeria’s oil sector to step in and prevent further fuel price fluctuations.
Previously, Dangote Refinery had raised its petrol gantry price by ₦121, from ₦874 to ₦995 per liter, following a surge in crude oil prices above $90 per barrel.
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