NNPCL Raises Petrol Prices Amid Global Crude Drop
The Nigerian National Petroleum Company Limited (NNPCL) has raised its Premium Motor Spirit (PMS) pump price to N1,270 per litre, up from N1,250, marking a N20 increase. This adjustment follows a similar increase by MRS filling stations, which now charge N1,230 per litre.
Petrol prices in Abuja now range from N1,230 to N1,299 per litre, depending on the station. Meanwhile, Dangote Refinery has also increased its price from N1,185 to N1,200 per litre, a N15 rise.
Depot rates have climbed to an average of N1,215 per litre as marketers adjust to these new prices. This price hike contrasts with global crude oil prices, which have fallen sharply, with Brent at $88.80 and WTI at $81.86 per barrel.
Financial analyst Osas Igho indicated that petrol prices may continue to rise before stabilizing, as marketers are currently pricing in the latest increases rather than the declining crude costs.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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