News Update
THE Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol, also known as Premium Motor Spirit, from N965 to N990 per litre in Abuja.
The adjustment follows a recent hike by the Dangote Refinery, which raised its price to N955 per litre at its loading point.
Dealers have linked the rising costs to increasing crude oil prices, which significantly impact fuel production.
Last week, petrol prices surged to between N1,050 and N1,150 per litre in some areas after various depot owners and the Dangote Refinery raised costs.
The refinery’s recent developments, including its $20 billion investment, are expected to influence the fuel supply chain in the country.
The deregulation policy in the petroleum sector allows prices to change based on supply and demand, making further increases likely as crude oil prices remain high.
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