Just like Dangote, NNPCL increases petrol price in Abuja, Lagos
Story by Dajen Comfort Yakubu
Retail outlets owned by the Nigerian National Petroleum Company Limited have effected an upward adjustment in the pump price of the Premium Motor Spirit, also known as petrol, from ₦965 to ₦990 per litre in the Federal Capital Territory.
The new price template effected nationwide on Tuesday also increased NNPCL price in Lagos from ₦925 to ₦960 per litre.
Checks at some of the filling stations indicated that the price has been adjusted.
The amount is ₦20 or 2.1 per cent more than the ₦970 retail price announced by the Dangote Refinery in partnership with MRS filling station, Ardova, and Heyden.
The price adjustment reflects ongoing market dynamics and aligns with the deregulation policy in the petroleum sector, which allows prices to fluctuate based on supply and demand.
This increase follows recent developments in the sector, including the commencement of loading operations at the Dangote Refinery, expected to reshape the fuel supply chain in Nigeria.
READ ALSO: Why I am still in shock over the petrol pump price, by Oladimeji Fabiyi
Recall that on Friday, the pump prices of petrol rose to between ₦1,050 and ₦1,150 per litre following the hike in the cost of the commodity by the Dangote Petroleum Refinery and various depot owners.
The $20bn plant raised its PMS from ₦899/litre to ₦955/litre at its loading gantry.
Dealers confirmed that PMS prices would continue to rise since the major component in fuel production, crude oil, has been on the upward swing lately.
At an NNPCL outlet at Airport Junction, Abuja, it was observed that the station sold at ₦990 per litre from ₦965 it sold on Monday.
Meanwhile, major independent marketers have increased petrol prices to a peak cost of ₦1,030 per litre.
The amount represents an increase of ₦60 or 6.18 per cent from ₦970 it sold its products last week Friday.
As petrol consumers adjust to the new pump price, experts predict further changes in petrol pricing as Nigeria continues to align its energy policies with global market realities.
A source at the private depot informed that loading activity commenced fully on Monday with bulk marketers loading products from the Dangote Refinery.
The source said, “Refined petroleum sales commenced fully today with no issues at all. Marketers have increased their prices between ₦965 and ₦975 per litre at depots but at filling stations, a litre increased above ₦1,000 in Lagos. In Akwa Ibom, prices increased to ₦1,100.”
Reacting, an oil and gas expert, Olatide Jeremiah, said the refinery, Depot, and Pump price changes are a reflection of market forces and a testament to the petroleum sector being deregulated.
He said, “The Refinery, Depot, and Pump price changes are a reflection of market forces and a testament to the petroleum sector being deregulated. Deregulation is one major solution to fuel scarcity and hike in pump prices.
“This hike is temporary; it’s an effect of Former President Biden’s ban on Russian oil companies. As of this morning, Brent crude oil prices fall to $80 per barrel as Trump assumes Presidency.”
Meanwhile, Brent crude oil futures dropped to $79.98 per barrel on Monday, from $81 last Friday.
Brent crude for March delivery was down 1.5 per cent to trade at $79.66 per barrel at 11.20 am ET while WTI crude for February delivery declined 1.8 per cent to $76.46 per barrel.
But following the inauguration of Trump, the Brent crude rose again marginally to $80.05.
The US under Joe Biden, the immediate past president, had intensified sanctions on Russia, imposing heavy fines on its vessels.
Experts say it was influenced by US President Donald Trump’s inauguration in the hope of some clarity on his policy agenda.
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