Recently, global economic uncertainties have led to fluctuations in crude oil prices, resulting in corresponding changes in retail fuel prices.
The Nigerian National Petroleum Company Limited (NNPC Ltd) has increased the price of petrol in its retail stations.
A PREMIUM TIMES correspondent observed Monday afternoon that NNPC Ltd outlets in the Central area of Abuja, the Federal Capital Territory, adjusted the pump price of petrol to N945 from N885.
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NNPC increase comes days after Dangote refinery increased its ex-depot petrol price to N880 per litre from N825.
At one of the NNPC retail outlets in Lugbe, a pump attendant told this newspaper that the price was increased on Monday morning.
At the NNPC station located in the Central Business District, the station manager confirmed the development to PREMIUM TIMES.
In Lagos, this newspaper observed that the price was increased to N915 per litre from N870.
Other stations
At AA Rano outlet in Area 8, Garki, pump price increased from N910 to N955 per litre. 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. When crude oil prices surge, it directly affects the retail prices of fuel at filling stations.
Recently, global economic uncertainties have led to fluctuations in crude oil prices, resulting in corresponding changes in retail fuel prices.
The Public Relations Officer, Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike said the rise in price is deregulation at work.
Mr Ukadike said, "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."
Earlier in March, NNPC Ltd reduced the price of petrol in its retail stations. At the time, the then NNPC Ltd spokesperson, Olufemi Soneye, told PREMIUM TIMES that since deregulation, the company has consistently adjusted prices in various areas in response to market dynamics. He noted that these adjustments occur regularly, reflecting the influence of market forces.
