The Nigerian National Petroleum Company Limited (NNPCL) has implemented a price increase for premium motor spirit, commonly known as petrol, across its retail outlets in Abuja.
BenriNews correspondents who conducted a survey of NNPCL filling stations in the Federal Capital Territory on Monday confirmed that the state-owned oil company has raised its fuel pump price to N945 per litre, marking a N50 increase from the previous N895.
The price adjustment was observed across multiple NNPCL outlets, including those along Kubwa Expressway, Wuse Zone 6 (Berger), Zone 4, Airport Road, Lugbe, and other locations throughout Abuja.
Consumer Reactions and Economic Impact
Benjamin Chukwu, a motorist interviewed at one of the filling stations, expressed concern about the broader economic implications of the price hike. "I discovered they increased their pump price on Sunday evening to N945 per litre. Others like MRS also did this weekend. Certainly this will impact transportation fare," he told BenriNews.
The price increase is expected to further strain household budgets and potentially worsen Nigeria's already high inflation rate, as transportation costs typically have a ripple effect across various sectors of the economy.
Industry-Wide Price Adjustments
This development comes shortly after MRS filling stations, a retail partner with Dangote Refinery, announced a new price template for petrol ranging between N925 and N945 per litre in Lagos and Abuja.
The industry-wide adjustments follow Dangote Refinery's decision to increase its ex-depot price of petrol from N825 to N880 per litre last Friday, reflecting the changing dynamics in Nigeria's downstream petroleum sector.
Global Factors Influencing Price Changes
The price adjustments coincide with rising global oil prices, which have been on an upward trajectory following the escalation of conflict between Israel and Iran over the past two weeks.
On Monday, international oil benchmarks Brent crude and West Texas Intermediate rose by nearly 3 percent following United States military strikes on three Iranian nuclear sites over the weekend, further highlighting the connection between geopolitical tensions and fuel prices in Nigeria.
As the situation develops, consumers and businesses alike are bracing for potential additional increases in the cost of goods and services across the country.
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