Fuel Crisis Deepens As NNPCL Sets Petrol Price At Unprecedented Details

Published January 21, 2025 at 9:00 PM

Retail outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) have increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦965 to ₦990 per litre in the Federal Capital Territory (FCT).

In Lagos, NNPCL stations adjusted their prices from ₦925 to ₦960 per litre, aligning with the latest nationwide price revisions implemented on Tuesday.

The price surge is part of the petroleum sector’s ongoing deregulation, which allows fuel prices to fluctuate based on market dynamics.

Industry sources cited by Punch attribute the increase to rising crude oil prices and the introduction of PMS from the Dangote Refinery into the market.

Dealers warned that PMS prices could climb further, driven by the global crude oil market’s upward trajectory.

A review of station prices revealed:

Airport Junction, Abuja: Petrol sold at ₦990 per litre, up from ₦965 on Monday.
Life Camp, Abuja: Price listed at ₦970 per litre, though fuel was not being dispensed.
Mabuchi, Abuja: Maintained its previous rate of ₦965 per litre.

The new rates place NNPCL’s prices higher than the ₦970 per litre offered by Dangote Refinery in partnership with MRS, Ardova, and Heyden stations.

The hike follows the Dangote Refinery’s adjustment of PMS prices at its loading gantry from ₦899 to ₦955 per litre. The $20 billion refinery, which recently began operations, is expected to play a transformative role in Nigeria’s fuel supply chain.