The Nigerian National Petroleum Company (NNPC) Limited, and other filling stations have increased their petrol pump prices for the second time in less than 24 hours following Dangote Refinery’s gantry price hike.
The State-owned oil firm, on Sunday, adjusted its pump price from N967 to N1,082 per liter in Abuja and its environs, representing a N115 increase per liter.
This followed an earlier review from N960 to N967. With the latest hike, NNPCL retail outlets have raised petrol prices by N207 in less than one week.
Reports said that the latest prices have been implemented across NNPCL retail outlets in Kubwa Expressway, Gwarimpa, Wuse Zone 6, Zone 4, and Lifecamp.
Similarly, other filling stations, including MRS, AA Rano Ranoil, and Empire Energy, have adjusted their fuel pumps at least twice, with prices now ranging between N1,092 and N1,150 per liter, up from around N960 to N980 per liter.
He, however, called on oil sector regulators in Nigeria to intervene to prevent further petrol price volatility.
he National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said the domestic petrol price increase is linked to global crude oil price volatility.
“The Dangote Refinery gantry petrol price hike and retail price adjustment are due to crude price volatility caused by the Iran–US–Israel conflict affecting the Gulf region,” he said.
Dangote Refinery had increased its petrol gantry price by N121, from N874 to N995 per liter, as crude oil prices surged above $90 per barrel.