The Nigerian National Petroleum Company Limited (NNPCL) has implemented an upward adjustment in the pump price of Premium Motor Spirit (PMS), commonly known as petrol. In Abuja, the price rose from N965 to N990 per litre, while Lagos recorded an increase from N925 to N960 per litre.
Price Trends Nationwide:
NNPCL stations across the country updated their price templates on Tuesday, reflecting ongoing market dynamics and aligning with the petroleum sector’s deregulation policy, which allows prices to fluctuate based on supply and demand.
Independent and major marketers have similarly raised pump prices, with rates peaking at N1,030 per litre in some areas, including filling stations along Airport Road and Central Area, Abuja.
Industry Context:
The price adjustments come shortly after the Dangote Refinery commenced loading operations, with the refinery increasing its PMS rate from N899/litre to N955/litre. Depots have raised their rates to between N965 and N975 per litre, with consumers in Lagos and Akwa Ibom reporting pump prices exceeding N1,000 and N1,100 per litre, respectively.
An oil and gas expert, Olatide Jeremiah, attributed the hike to market forces, stating that deregulation remains essential for addressing fuel scarcity and stabilizing pump prices.
“This hike is temporary. It’s a reflection of global crude oil trends, including the effect of sanctions on Russian oil and market adjustments following President Donald Trump’s inauguration,” he said.
Crude Oil Prices:
Global crude prices also saw fluctuations. On Monday, Brent crude dropped to $79.98 per barrel, declining further to $79.66 per barrel later in the day. However, prices rebounded marginally to $80.05 per barrel following Trump’s inauguration.
Experts anticipate further adjustments in fuel pricing as Nigeria aligns its energy policies with global market realities. Consumers are advised to stay updated on price changes and adjust accordingly.