Fuel Prices Surge to ₦1,150/Litre Amid Market Pressures

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of premium motor spirit, commonly known as petrol, to ₦1,150 per litre, marking the second adjustment within 24 hours. This latest increase follows a previous rise from ₦960 to ₦967 per litre.

The new price represents a ₦115 increase per litre, reflecting a total rise of ₦207 within a week. The adjustments are attributed to growing pressures in the downstream petroleum market, influenced by significant increases in the ex-depot petrol price, which has risen to between ₦121.874 and ₦995 per litre.

The surge in international crude oil prices, which have surpassed $90 per barrel, has further impacted local pump prices. Billi Gilli Harri, representing the Petroleum Product Retail Outlet Owners Association of Nigeria, has attributed these price hikes to global crude oil volatility and urged for urgent regulatory measures to stabilize the market and prevent further fluctuations in petrol prices.