The Nigerian National Petroleum Company (NNPC) Limited has increased the price of petrol across the country.
In Abuja, it’s now N990 per litre, while in Lagos, it’s N960 per litre.
FreshNews.NG learnt that the new prices are as a result of the deregulated nature of the petroleum sector where prices are determined by market forces such as global crude oil prices and local supply and demand.
In Abuja, NNPCL stations are now selling at N990 per litre, while some stations in Life Camp listed petrol at N970 per litre but were not dispensing fuel during the price review.
Along Airport Road and Central Area, some outlets increased their prices to between N990 and N1,030 per litre, so it’s a national phenomenon.
In Lagos and Akwa Ibom, prices went above N1,000 per litre in some areas, with Akwa Ibom stations selling petrol at N1,100 per litre.
Depot rates went up to between N965 and N975 per litre which has affected retail prices at filling stations across the country.
The price increase is as a result of several recent developments in the energy sector.
Loading operations at the $20 billion Dangote Refinery has commenced and petrol prices at its depots went up from N899 to N955 per litre. This has affected the supply chain and contributed to higher retail prices.
Global crude oil prices are also fluctuating.
Brent crude oil futures traded at $79.98 per barrel on Monday, down from $81 on Friday but rose to $80.05 on Tuesday. This is as a result of geopolitical factors including U.S. sanctions on Russian oil and global policies shift.
It’s temporary and part of the adjustment process in a deregulated market, experts say.
Oil and gas analyst, Olatide Jeremiah says the changes in refinery, depot and pump prices is the effect of market driven policies. He noted that deregulation is challenging in the short term but necessary to address fuel scarcity and long term price stability.
For Nigerians, the high cost of petrol has immediate impact on transportation, household expenses and business operations.
With prices above N1,000 per litre in some areas, consumers are struggling with higher living costs and increased pressure on their pockets.
It’s tough but prices may stabilize in the coming months as the market adjusts to Dangote Refinery and other supply chain improvements.
For now, Nigerians should explore alternative energy options and stay informed on government’s palliatives.