NNPC Explains Petrol Price Increase as Dangote Sets New Rates Amid Global Oil Price Drop

The NNPC has explained the recent petrol price hike across its outlets in Nigeria, attributing it to increased ex-depot rates and market dynamics. Dangote Refinery has also adjusted its ex-depot rates.

Global oil prices fell by two percent due to oversupply worries. In Abuja, several NNPC retail outlets raised petrol prices.

The NNPC's statement highlighted the factors influencing the price adjustments, including international oil prices, exchange rates, and logistical costs.