NNPCL Raises Petrol Price to N960 Amid Global Tensions

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of premium motor spirit (petrol) at its retail outlets in Abuja to N960 per liter, up from N875. This adjustment, confirmed on Tuesday, follows a surge in global crude oil prices driven by escalating geopolitical tensions in the Middle East.

The increase aligns with a similar price hike by Dangote Petroleum Refinery, which raised its ex-depot rate to N874 per liter from N774. Analysts express concerns that sustained geopolitical tensions could push crude oil prices beyond $100 per barrel, further impacting domestic fuel prices.

The volatility in crude prices poses a risk to Nigeria's fuel market, with the Petroleum Product Retail Outlet Owners Association of Nigeria (PETROAN) warning that continued fluctuations could strain consumers and businesses already facing economic challenges. There appears to be no immediate resolution to the Middle East conflict, suggesting that domestic fuel prices may remain vulnerable to further increases in the coming weeks.