The Nigerian National Petroleum Company Limited (NNPC) has announced an increase in fuel prices across its retail outlets due to rising global crude oil prices.
The price of Premium Motor Spirit (PMS), commonly known as petrol, has been raised to ₦999 per litre in Abuja and Akwa Ibom State, and ₦960 per litre in Lagos.
This adjustment represents an increase of ₦34 and ₦35 compared to the previous prices of ₦965 per litre in Abuja and ₦925 per litre in Lagos. The hike follows a recent ex-depot price increase by the Dangote Refinery, which now sells petrol at ₦970 per litre.
Nigerians have expressed dissatisfaction with the new prices, citing the financial strain it places on them. The NNPC has attributed the price hike to the surge in global crude oil prices, which have recently topped $81 per barrel.
The Minister of Petroleum Resources, Heineken Lokpobiri, stated that the deregulation of the downstream oil sector will allow prices to fluctuate based on global market conditions. This means that fuel prices in Nigeria will continue to be influenced by international oil prices.
Despite the increase, some private retail stations are selling petrol at even higher prices, with rates ranging from ₦1,000 to ₦1,100 per litre depending on the location.
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