NNPCL Raises Petrol Price to N1,345 per Litre

The Nigerian National Petroleum Company Limited (NNPCL) has raised its petrol pump price to N1,345 per litre at its stations, marking the second increase in less than a week after a previous adjustment from N1,250 to N1,270 per litre. This latest change adds N75 to the previous rate.

Other major filling stations, including MRS, Ranoil, and Empire Energy, have also increased their prices, now ranging between N1,310 and N1,320 per litre, up from N1,230 to N1,299 per litre. MRS recorded the highest individual increase at N80 per litre, while Ranoil and Empire Energy raised their prices by N45 and N25, respectively.

The price surge follows a series of increases at the refinery, which raised its PMS gantry price by N65 on August 29, bringing it to N1,265 per litre. Analysts expect depot prices to rise in line with the new rates due to higher crude oil costs, which have surpassed $90 per barrel, raising concerns over global oil supply.