The Nigerian National Petroleum Company Limited has increased the pump price of petrol from N910 to N945 per litre in the Federal Capital Territory on Monday.
The price adjustments come just days after the Dangote Petroleum Refinery increased its ex-depot price of petrol from N825 to N880 per litre, sparking an industry-wide response
Already the price increase has been implemented by several NNPC-owned filling stations, leading to a fresh high transportation and living costs.
An NNPC retail outlet in the Federal Housing area of Kubwa, Abuja, now sells at N945 per litre a price tag which was boldly displayed.
with similar adjustments noted at the state-owned mega station along Obasanjo Way.
Retial outlets located in Igando and along the Badagry Expressway in Lagos has reflected the price increase of N915 per litre.
Private retail outlets are toeing the line of the NNPCL. For instance, a strategic partner of the Dangote refinery, MRS filling stations, has raised pump prices from N875 to N925 per litre in Lagos.
TotalEnergies also raised price to N910, so also Oluwafemi Arowolo Petroleum in Iba pushed rates to N920 per litre.
Major supply outlets in Lagos, such as Wosbab, Pinnacle, and NIPCO, have now fixed petrol ex-depot prices between N920 and N925 per litre as of June 23, citing rising upstream costs and international crude prices.
As projected by market watchers, the escalating conflict between the United States and Iran has continued to rattle the oil market, with analysts projecting the $80 per barrel as the threshold
