NNPC sells petrol N960/litre in Lagos, N990 Abuja

NNPC sells petrol N960/litre in Lagos, N990 Abuja

The Nigerian National Petroleum Company Limited has increased its petrol pump price to N960 per litre in Lagos and N990/litre in Abuja.

The product was as of Monday and Tuesday morning sold at N925 in Lagos and N965 in Abuja.

This came after Dangote refinery had announced N970 retail price for petrol at any MRS filling station, Ardova and Heyden.

The price adjustment also followed the rise in crude oil cost lately at the international market.

Many NNPC stations in Lagos and Ogun on Tuesday sold petrol at N925/litre until noon when the price was increased.

For instance, the NNPC at Alapere and others in Lagos started selling the product at N960 around 3pm Tuesday.

Already, major and independent marketers have increased petrol price to N1,030 per litre.

In Abuja, filling stations located along Airport Road, Central Area and Nyanya in Abuja also increased their retail cost to N1,000 and 1,030 per litre.

For instance, AYM Shafa and Matrix filling stations along the airport road sold at N1,000 per litre while Shema station sold at N1,030.

A report by The Punch quoted an oil and gas expert, Olatide Jeremiah, as saying the refinery, depot and pump price changes are a reflection of market forces and the full deregulation of the petroleum sector.

He said, “The refinery, depot and pump price changes are a reflection of market forces and a testament to the petroleum sector being deregulated. Deregulation is one major solution to fuel scarcity and hike in pump prices.

“This hike is temporary; it’s an effect of former President Biden’s ban on Russian oil companies. As of this morning, Brent crude oil prices fall to $80 per barrel as Trump assumes the Presidency.”

However, Brent crude oil futures dropped to $79.98 per barrel on Monday, from $81 last Friday.

Brent crude for March delivery was down 1.5 per cent to trade at $79.66 per barrel at 11.20 am ET while WTI crude for February delivery declined 1.8 per cent to $76.46 per barrel.

But following the Trump inauguration on Monday, the Brent crude rose again marginally to $80.05.

The US under Joe Biden, the immediate past president, had intensified sanctions on Russia, imposing heavy fines on its vessels.