The Nigerian National Petroleum Company Limited (NNPCL) and several other fuel retailers have raised the pump price of Premium Motor Spirit (PMS), commonly known as petrol.
A survey of NNPCL outlets across Abuja on Tuesday revealed that the price has been adjusted upward to N960 per liter, a significant increase from the N875 per liter price on Monday. This represents an N85 hike by the state-owned oil company.
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The new pricing has been implemented at NNPCL stations along the Kubwa Expressway, as well as in Gwarimpa, Wuse Zone 6, Zone 4, and other locations in the capital.
Other private retailers have followed suit. Empire and Ranoil Sharon stations have also increased their prices, now selling petrol for between N960 and N980 per liter.
While the MRS filling station on the Kubwa Expressway had not yet started dispensing fuel at the time of this report, a manager at one of its Abuja outlets, who spoke on the condition of anonymity, confirmed that a price review was imminent. He attributed the expected increase to a hike in the gantry price by the Dangote Refinery on Monday.
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This development follows earlier reports that Nigerians should anticipate higher fuel costs after the Dangote Refinery raised its gantry price in response to rising global oil prices, which have been affected by ongoing hostilities in the Middle East.
Both the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) had previously confirmed that fuel prices were expected to rise starting Tuesday, following the Dangote Refinery’s decision to increase its gantry price to N874 per liter on Monday.
