NNPCL increases fuel for second time in less than 24 hours

The Nigerian National Petroleum Company Limited, NNPCL, andother filling stations have increased their Premium Motor Spirit (PMS) pumpprice for the second time in less than 24 hours following Dangote Refinery’sgantry price hike. The state-owned oil firm on Sunday adjusted its pump pricefrom N967 to N1,082 per liter in Abuja and its environs, representing a N115increase per liter. This followed an earlier adjustment from N960 to N967, alsoreported by DAILY POST. With the latest hike, NNPCL retail outlets have raisedpetrol prices by N207 in less than a week. It was observed that the latest prices have beenimplemented across NNPCL retail outlets in Kubwa Expressway, Gwarimpa, WuseZone 6, Zone 4, and Lifecamp. Similarly, other filling stations, including MRS, AA RanoRanoil, and Empire Energy, have adjusted their fuel pumps at least twice, withprices now ranging between N1,092 and N1,150 per liter, up from around N960 toN980 per liter. Speaking on the fuel price hike, the National President ofthe Petroleum Products Retail Outlets Owners Association of Nigeria, BillyGillis-Harry, said the domestic petrol price increase is linked to global crudeoil price volatility. “The Dangote Refinery gantry petrol price hike and retailprice adjustment are due to crude price volatility caused by the Iran–US–Israelconflict affecting the Gulf region,” he said. He, however, called on oil sector regulators in Nigeria tointervene to prevent further petrol price volatility. Recall that Dangote Refinery had increased its petrol gantryprice by N121, from N874 to N995 per liter, as crude oil prices surged above$90 per barrel.

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