The Nigerian National Petroleum Company Limited (NNPC Limited) has increased the price of petrol in its retail stations, and recently, global economic uncertainties have led to fluctuations in crude oil prices, resulting in corresponding changes in retail fuel prices.
Penpushing reports that Nigerian National Petroleum Company Limited (NNPC) increase comes days after Dangote refinery increased its ex-depot petrol price to N880 per litre from N825.
The Public Relations Officer, Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike said the rise in price is deregulation at work stressing that the pump price is determined by a few factors.
“The pump price is determined by a few factors. The most significant is the price of crude oil. Then you talk about exchange rate and other costs of operations’, the association spokesperson said
Penpushing further reports that findings in some parts of Lagos State showed that the price was increased to N915 per litre from N870, and similar vein outlets in the Central area of Abuja, Federal Capital Territory, indicated adjustment in the pump price of petrol to N945 from N885.
The station manager at the station located in the Central Business District, confirmed the development, while an attendant at a retail outlet in Lugbe, disclosed that the price was increased on Monday morning.
Penpushing also reports that in same development at AA Rano outlet in Area 8, Garki, pump price increased from N910 to N955 per litre, while at Conoil in the Central Area, the price was increased from N900 to N945 per litre.
The prices of crude oil and refined petroleum products are highly susceptible to volatility in the international oil market, and when crude oil prices surge, it directly affects the retail prices of fuel at filling stations.
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