The Nigerian National Petroleum Company Limited (NNPC Ltd) has increased the price of petrol in its retail stations. A Premium Times correspondent observed that NNPC Ltd outlets in the Central area of Abuja adjusted the pump price of petrol to N945 from N885. This development comes days after the Dangote refinery increased its ex-depot petrol price to N880 per litre from N825.
The price increase was confirmed by pump attendants and station managers at various NNPC retail outlets. In Lagos, the price was increased to N915 per litre from N870. Other filling stations, such as AA Rano and Conoil, also increased their prices, with AA Rano’s pump price rising from N910 to N955 per litre and Conoil’s price increasing from N900 to N945 per litre.
The prices of crude oil and refined petroleum products are highly susceptible to volatility in the international oil market. When crude oil prices surge, it directly affects the retail prices of fuel at filling stations. Recent global economic uncertainties have led to fluctuations in crude oil prices, resulting in corresponding changes in retail fuel prices.
The Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, attributed the price increase to deregulation. He explained that the pump price is determined by several factors, including the price of crude oil, exchange rates, and operational costs. Ukadike noted that these factors contribute to the regular adjustments in fuel prices.
This price increase follows a previous reduction in March, when NNPC Ltd decreased the price of petrol in its retail stations. The company’s spokesperson at the time, Olufemi Soneye, stated that the adjustments reflect the influence of market forces in the deregulated industry. The NNPC Ltd continues to adjust prices in response to market dynamics, resulting in fluctuations in fuel prices across the country.
