NNPCL Raises Petrol Prices to N1,430 in Major Cities

The Nigerian National Petroleum Company Limited (NNPCL) has announced an increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, at its retail outlets in Abuja, Lagos, and other cities. Motorists are now paying between N1,395 and N1,430 per litre, with the adjustment reflecting an increase of N50 to N80 per litre at affected stations.

This price change has been implemented at various NNPC outlets, including those around Airport Junction, Gwarinpa, Kubwa Expressway, and Wuse Zone 4 in the Federal Capital Territory. The adjustment is attributed to volatility in the global crude oil market and changes in domestic supply costs.

The increase in petrol prices is expected to exert additional pressure on transportation fares and the cost of goods. Other fuel retailers, such as MRS, have also raised their prices, with MRS stations selling petrol at approximately N1,395 per litre.

The rise in petrol prices coincides with a significant increase in international crude oil prices, with Brent crude reaching around $107 per barrel.