Fuel Prices Climb Again As NNPC Joins Dangote Refinery in Increase

Fuel prices have skyrocketed again, with NNPC joining Dangote Refinery in the increase.

Philips News reports that the Nigerian National Petroleum Company Limited has increased the price of premium motor spirit after Dangote Refinery raised its gantry price.

NNPCL outlets in Abuja, the nation’s capital, and its environs have adjusted their petrol pump price to N1,364 per liter from N1,295. This means that the state-owned oil firm hiked petrol by N69 per liter.

The latest fuel prices have been implemented at Gwarimpa, Kubwa Expressway, Wuse Zone 6, and Zone 4 NNPCL filling stations in Abuja.

“We adjusted our pump price to N1364 per liter from N1295 this morning, an attendant said.

Filling stations in Abuja, such as MRS, BOVAS, and others, have raised their petrol price to between N1365 and N1370 per liter.

Meanwhile, PhilipsNews understands that the latest NNPC fuel price increase is coming after Dangote Refinery increased its fuel gantry price on Wednesday by N75 to N1,275 per liter from N1,200, due to a hike in crude oil prices.

On Wednesday, Brent crude surged to $115 per barrel and West Texas Intermediate to $103 per barrel.

Global oil prices showed that both Brent and West Texas Intermediate crude rose by over 3 percent on a day-to-day basis.

This online newspaper understands that Brent at $115 per barrel is the highest since 2022, according to energy market price data. The upsurge in global oil prices comes after the United Arab Emirates announced its exit from the Organization of the Petroleum Exporting Countries, a major oil bloc.

The UAE’s exit from OPEC is coming at a time the world is grappling with a more than two-month-old war in the Middle East.