KEY POINTS
- NNPCL petrol prices rise to as much as N1,430 per litre.
- MRS stations are selling petrol at N1,395 per litre.
- Brent crude rises to about $107 a barrel.
The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of Premium Motor Spirit, commonly known as petrol, with prices rising by as much as N85 per litre at its retail outlets in Abuja and surrounding areas.
A market survey conducted on Tuesday showed that several NNPCL filling stations in the Federal Capital Territory were selling petrol between N1,395 and N1,430 per litre.
The latest adjustment represents an increase of between N50 and N85 per litre, depending on the outlet and the previous selling price. The new prices were observed at NNPCL stations in locations including Airport Junction, Gwarinpa, Kubwa Expressway and Wuse Zone 4, as well as other parts of Abuja and its environs.
The increase means motorists and transport operators in the capital are now paying significantly more for petrol, with the higher pump prices likely to feed into transportation and logistics costs.
NNPCL is one of the largest fuel retailers in Nigeria, making changes at its stations an important indicator of movements in the country’s downstream petroleum market.
Dangote refinery also raises price
The NNPCL adjustment comes shortly after MRS filling stations increased their petrol price to N1,395 per litre.
The MRS increase followed a rise in the gantry price of petrol supplied by the Dangote Refinery to N1,265 per litre.
Changes in the refinery’s pricing have become increasingly important in Nigeria’s deregulated downstream market, where domestic refiners and fuel marketers respond to changes in crude oil prices, supply costs and other market conditions.
The latest round of increases therefore comes amid renewed pressure across the petroleum supply chain. The domestic price adjustments also coincide with a sharp rise in international crude oil prices.
Brent crude was reported at about $107 a barrel, while West Texas Intermediate was trading around $103 a barrel.
The increase followed escalating tensions involving Iran and the United States, with concerns about disruptions to oil infrastructure and supply routes adding to pressure in global energy markets.
Iran had also struck Saudi Arabia’s East-West oil pipeline, further raising concerns about the security of regional energy infrastructure and the potential impact on crude supplies.
Higher international crude prices can increase the cost of petroleum products in markets where pump prices are linked more closely to prevailing market conditions. The latest petrol increase could place additional pressure on households and businesses that rely heavily on road transportation.
Transport operators may face higher operating costs as fuel becomes more expensive, while businesses could also experience increased expenses for moving goods and services.
The impact could extend beyond transport as higher logistics costs can feed into the prices of food, manufactured goods and other commodities.
The price increase also highlights the sensitivity of Nigeria’s downstream petroleum market to movements in international crude prices, even as domestic refining capacity continues to expand.
