NNPCL Raises Petrol Price to N960 in Abuja Amid Crude Oil Surge

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS) to N960 per litre at its retail outlets in Abuja, up from N875, following a sharp rise in global crude oil prices.

Checks across several NNPCL filling stations in the Federal Capital Territory confirmed the new price on Tuesday, marking an N85 increase within 24 hours. The adjustment comes amid escalating geopolitical tensions in the Middle East, which have pushed international oil benchmarks higher.

The development follows a similar move by Dangote Petroleum Refinery, which raised its ex-depot price by N100 to N874 per litre from N774 earlier in the week. The combined increases have sparked concerns over broader fuel price adjustments nationwide.

Crude Oil Prices Climb Above $80 Per Barrel

Brent crude futures rose above $80 per barrel earlier this week and are currently trading around $84 per barrel, reflecting supply concerns linked to ongoing hostilities in the Middle East. Rising tensions in the region have disrupted supply expectations and heightened fears of prolonged instability in global energy markets.

Higher crude prices typically translate into increased landing and distribution costs for refined petroleum products, putting upward pressure on domestic pump prices in import-dependent markets like Nigeria.

Economic Implications and Market Reactions

The fuel price increase carries mixed implications for Africa’s largest oil producer. While higher global crude prices may boost government revenues from exports, rising petrol costs are expected to intensify inflationary pressures and reduce household purchasing power.

Petroleum marketers under the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have expressed concern over the continued volatility. The association warned that sustained geopolitical tensions could further strain supply chains and lead to additional upward adjustments in pump prices.

Industry analysts note that if crude oil prices climb toward the $100 per barrel mark, domestic PMS prices could face further hikes in the coming weeks.

With no immediate resolution to the geopolitical crisis in sight, Nigeria’s downstream market remains exposed to global energy shocks, leaving consumers and businesses bracing for potential further increases.

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