Petrol Prices Surge by N39 per Litre Amid Global Crude Rise

Petroleum marketers have raised petrol pump prices by as much as N39 per litre, reversing a brief decline in fuel costs and adding pressure on consumers facing high living expenses. In the Federal Capital Territory, MRS filling stations increased their price from N1,370 to N1,409 per litre.

Other stations, such as AA Rano and Ranoil, raised their prices from N1,400 to N1,410 per litre. An outlet in Azhata, Jikwoyi District, adjusted its price from N1,380 to N1,405 per litre.

The price hikes are attributed to rising global crude oil prices, linked to ongoing conflicts in the Middle East. Despite these increases, NNPC is extending its N66-per-litre discount until October 31, allowing customers to purchase petrol at N1,339 per litre through its mobile app.

This discount is funded by NNPC forgoing its profit margin and does not indicate a return to fuel subsidies. Additionally, Dangote Petroleum Refinery has increased its diesel price from N1,700 to N1,800 per litre.