NNPCL Increases Fuel Price by N85/litre

The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of Premium Motor Spirit, PMS, popularly known as petrol.

A market survey on Tuesday showed that the majority of NNPCL retail outlets had increased their petrol pump price to between N1,395 and N1,430 per litre.

This means that the state-owned oil firm adjusted its petrol price upward by between N50 and N85 per litre.

This comes as MRS filling stations raised their petrol pump price to N1,395 per litre following Dangote Refinery’s gantry price increase to N1,265 per litre.

The upward fuel price review comes as Brent and West Texas Intermediate, WTI, crude prices rose to $107 and $103 per barrel, respectively, after Iran and the United States’ strikes took a devastating turn last week.

Recall that Iran struck Saudi Arabia’s East-West pipeline.