…the new pricing was implemented across several NNPC-owned filling stations.
The iNews Times reports that the Nigerian National Petroleum Company Limited (NNPC) retail outlets have implemented an upward adjustment in the pump price of Premium Motor Spirit (PMS), also known as petrol.
The price of petrol at NNPC-owned filling stations in the Federal Capital Territory (FCT) Abuja has been increased to N945 per liter as of Monday, while also in Lagos, the price has been adjusted to N915 per liter.
This latest increase marks a significant hike in petrol prices, with a N45 increase in Lagos and a N35 hike in Abuja compared to the previous prices of N870 and N910 per liter, respectively.
Checks by our correspondent revealed that the new pricing was implemented across several NNPC-owned filling stations, intensifying the financial strain on consumers already grappling with high transportation and living costs.
At the NNPC retail outlet in the Federal Housing area of Kubwa, Abuja, the new price of N945 per liter was boldly displayed, with similar adjustments noted at the mega station along Obasanjo Way.
In Lagos, the story is not different, the stations located in Igando and along the Badagry Expressway reflected the revised N915 per liter price.
The ripple effect of the price hike was also visible across private retail outlets. MRS filling stations, a strategic partner of the Dangote refinery, raised pump prices to N925 per liter in Lagos, up from N875. TotalEnergies followed suit with a new price of N910, while other marketers like Oluwafemi Arowolo Petroleum in Iba pushed rates to N920 per liter.
Sources at the depot confirmed that major supply hubs in Lagos, including Wosbab, Pinnacle, and NIPCO, have now set PMS ex-depot prices between N920 and N925 per liter as of June 23, citing rising upstream costs and international crude prices.
The escalating conflict between the United States and Iran has continued to rattle the oil market, with analysts projecting that crude oil prices may soon cross the $80 per barrel threshold.
A weekend airstrike reportedly carried out by US-Israeli forces on Iranian nuclear sites has stoked fears of supply disruptions.
Concerned by this trend, independent marketers have warned that unless there’s a swift intervention, petrol prices could climb above N1,000 per liter in the coming weeks, driven by surging international oil prices and a weakening naira.
As petrol prices continue to rise, Nigerians are bracing for more hardship, with many calling for government intervention to stabilize the market and mitigate the impact on the economy.
