NNPC increases the price of gasoline to ₦ 915 in Lagos, ₦ 945 for Abuja

Nigerian National Petroleum Company Limited (NNPC LTD) has increased the price of the Spirit Motor Premium (PMS), also known as gasoline, to ₦ 915 per liter in Lagos.

State -owned oil companies also raise the price of fuel pumps to ₦ 945 in Abuja.

The latest adjustments reflect each of the ₦ 35 and ₦ 45 from the previous tariff.

Price adjustment, which was observed at several NNPC retail outlets on Monday, followed a similar step by Dangote Refinery, which recently raised the ex-depot price from ₦ 825 to ₦ 880 per liter.

Private marketers respond quickly, with MRS stations in Lagos that sell products in ₦ 925, totalenergy at ₦ 910, and other independent outlets that reach ₦ 920 per liter.

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The price of the depot also rose between ₦ 920 and ₦ 925, driven by an increase in global crude oil prices and supply problems.

Industrial analysts have previously warned that the price of gasoline can immediately pass the ₦ 1,000 sign if international crude oil rises more than $ 80 per barrel and Naira continues to weaken.

The new United States and Israeli air strikes in Iran’s nuclear facilities increasingly shake the global oil market, triggering fears of supply disorders.

Sustainable price increases intensify inflationary pressure in Nigeria, with consumers, transporters, and businesses that struggle under the burden of fuel markets that are easily changed and regulated.

By: Babajide Okeowo