The Nigerian National Petroleum Company Limited (NNPCL) and several other filling stations have increased the pump price of Premium Motor Spirit (PMS) for the second time in less than 24 hours, following a gantry price adjustment by the Dangote Refinery.
The state-owned oil company on Sunday raised its petrol pump price from ₦967 to ₦1,082 per litre in Abuja and surrounding areas, representing an increase of ₦115 per litre.
The latest adjustment comes shortly after an earlier increase from ₦960 to ₦967 per litre. With the new hike, NNPCL retail outlets have raised petrol prices by about ₦207 within less than a week.
According to Daily Post, the new prices have already been implemented across several NNPCL stations along Kubwa Expressway, Gwarimpa, Wuse Zone 6, Wuse Zone 4 and Lifecamp.
Other filling stations, including MRS, AA Rano and Empire Energy, have also adjusted their pump prices at least twice, with petrol now selling between ₦1,092 and ₦1,150 per litre, up from around ₦960 to ₦980 previously.
Reacting to the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, attributed the rise in domestic petrol prices to volatility in global crude oil prices.
“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.
Gillis-Harry, however, called on regulators in Nigeria’s oil sector to intervene and help prevent further instability in petrol prices.
The price surge follows the recent increase in the refinery’s gantry price by the Dangote Refinery, which moved from ₦874 to ₦995 per litre — an increase of ₦121 — amid rising global crude oil prices, which have climbed above $90 per barrel.