Breaking: NNPC, retailers hike petrol to N960 amid global oil volatility

Motorists in the Federal Capital Territory (FCT) are facing higher fuel costs as the Nigerian National Petroleum Company Limited (NNPCL) and other filling stations increase the pump price of Premium Motor Spirit (PMS).

A correspondent who visited several NNPCL outlets across Kubwa Expressway, Gwarimpa, Wuse Zone 6 and Zone 4 confirmed that petrol is now being sold at N960 per litre, up from N875 per litre on Monday. This represents a sharp N85 per litre increase by the state-owned company.

Private retailers such as Empire and Ranoil Sharon have adjusted their pump prices to between N960 and N980 per litre, reflecting a nationwide trend of rising fuel costs.

At MRS Filling Station along Kubwa Expressway, fuel dispensing had not commenced as of Tuesday afternoon. A manager at one of its outlets, who requested anonymity, said that their pump price would also increase following a gantry price hike by Dangote Refinery on Monday.

The increase follows reports that Dangote Refinery raised its gantry price of petrol to N874 per litre due to a surge in global crude oil prices amid ongoing hostilities in the Middle East.

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PPROAN) had earlier confirmed that retail fuel prices would rise from Tuesday in line with the new gantry pricing.

Commuters expressed concern over the sudden rise in fuel prices. Mr. Adewale, a commercial driver in Gwarimpa, said, “This is another heavy burden for us. Fuel costs are rising every week, and it directly affects transport fares and the cost of goods.”

Economic analysts note that while the price adjustment aligns with international crude oil fluctuations, it underscores the vulnerability of domestic fuel pricing to global market volatility.

With Dangote Refinery’s gantry adjustments and private marketers following suit, motorists across Nigeria are likely to experience further upward pressure on fuel prices in the coming weeks, pending any government intervention or subsidy review.