NNPCL RAISES PETROL PRICE BY N85 PER LITRE

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By: Fasasi Hammad

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, across its retail outlets.

A market survey conducted on Tuesday showed that several NNPCL filling stations in Abuja and neighbouring areas had adjusted their petrol prices to between N1,395 and N1,430 per litre.

The latest adjustment represents an increase of between N50 and N85 per litre from the previous pump prices.

The new prices were observed at NNPCL outlets located around Airport Junction, Gwarinpa, Kubwa Expressway, Wuse Zone 4 and other parts of Abuja and its environs.

The development comes shortly after MRS filling stations increased their petrol pump price to N1,395 per litre, following an upward adjustment in the gantry price of petrol by the Dangote Refinery to N1,265 per litre.

The latest fuel price increase comes amid a rise in international crude oil prices, with Brent crude trading at about $107 per barrel and West Texas Intermediate (WTI) at approximately $103 per barrel.

The increase in global oil prices followed escalating tensions involving Iran and the United States, with the situation taking a more serious turn last week.

Iran had also reportedly targeted Saudi Arabia’s East-West oil pipeline, further heightening concerns over global energy supplies.