NNPC Raises Petrol Price to N990 per Litre in Abuja Amid Rising Global Oil Prices
The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of petrol from N965 to N990 per litre at its retail outlets in the Federal Capital Territory (FCT).
Reason for the Price Hike
The price adjustment is attributed to the recent surge in crude oil prices in the international market. This development comes as Nigeria fully embraces deregulation in the downstream oil sector, where global oil prices now directly influence local fuel prices.
During the inaugural Petroleum Industry Stakeholders Forum held in Abuja, Minister of Petroleum Resources (Oil) Heineken Lokpobiri emphasized the sector’s deregulation. He explained that the Forum was created to address issues affecting oil production and availability while fostering growth in the industry.
“The whole idea is to have a one-stop shop where all stakeholders gather, address issues, evolve policies, and build consensus to ensure the rapid growth of the oil industry,” Lokpobiri said.
Price Trends Across Outlets
A survey conducted by Tribune Online confirmed that NNPC retail outlets in Abuja, including stations at Berger, Zones 1 and 3, and Nyanya, have adjusted their pumps to reflect the new price of N990 per litre.
In Nasarawa State, major NNPC-affiliated stations in Mararaba and New Nyanya have also implemented the new pricing. Meanwhile, independent marketers such as Shema, Bovas, AYM Shafa, and Zamson Oil along the Abuja-Keffi road are selling petrol between N1,000 and N1,030 per litre, slightly above NNPC’s price.
Impact of Deregulation
This price hike highlights the impact of deregulation, where market forces now dictate fuel prices. The removal of subsidies has left consumers vulnerable to fluctuations in global oil prices, leading to increased costs for transportation, goods, and services.
As Nigerians continue to adapt to the realities of deregulation, stakeholders emphasize the need for long-term solutions to ensure affordability and availability of petroleum products across the country.
