Petrol Price Hits N990 in Abuja, N960 in Lagos as NNPCL Announces Increase

Petrol prices in the Federal Capital Territory have increased from N965 to N990 per liter due to the actions of retail outlets operated by the Nigerian National Petroleum Company Limited (NNPCL).

Additionally, their price per liter in Lagos was increased from N925 to N960.

This comes despite a slight drop in crude oil prices on Tuesday.

The prices at some of the gas stations have been changed, according to checks conducted by this medium.

In collaboration with Heyden, Ardova, and MRS filling station, the Dangote refinery stated a retail price of N970, however this amount is N20, or 2.1% extra.

In line with the petroleum industry’s deregulation policy, which permits price fluctuations depending on supply and demand, the price adjustment takes into account current market dynamics.

The start of loading operations at the Dangote refinery, which is anticipated to change the petroleum supply chain in Nigeria, is one of the recent changes in the industry that led to this increase.

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Remember that the Dangote Petroleum Refinery and other depot owners increased the price of gasoline on Friday, causing the pump prices to increase to between N1,050 and N1,150 per liter.

The PMS at the loading gantry of the $20 billion plant increased from N899/liter to N955/liter.

Due to the recent increase in crude oil, the primary component used to produce fuel, dealers confirmed that PMS prices would continue to rise.