NNPCL Raises Petrol Price to N1,364 Per Litre

The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,364 per litre from N1,295. This increase, amounting to N69 per litre, has already been implemented at several NNPCL filling stations in Abuja, including locations in Gwarimpa, Kubwa Expressway, Wuse Zone 6, and Zone 4.

Other filling stations, such as Mr. Oil Nigeria Plc and Bova Group, have adjusted their prices to between N1,365 and N1,370 per litre.

This latest price hike follows a decision by Dangote Refinery to increase its petrol gantry price by N75, raising it from N1,200 to N1,275 per litre. The adjustments are a response to a sharp rise in global crude oil prices, which have surpassed $115 per barrel, and are expected to further impact transportation costs and the prices of goods and services across Nigeria, which is already grappling with rising inflation and energy costs.