KEY POINTS
- Petrol price to N990 by NNPCL in Abuja; Lagos, N960.
- Price adjustments are affected by global crude oil trends and deregulation.
- Customers see easier queues, but blame soaring costs.
Petrol pump prices at its retail outlets have been raised by the Nigerian National Petroleum Company Limited (NNPCL).
Prices in Abuja were adjusted from ₦965 to ₦990 per litre, while outlets in Lagos rose to ₦925 to ₦960 per litre. The change reflects or perhaps even shapes the pressures faced in the deregulated petroleum marketplace.
The muscle follows other industry players who have made adjustments. There are now major marketers, including MRS, Heyden and Ardova retailing Dangote Refinery petrol at ₦970 per litre nationwide.
That is the ongoing market realignment as prices rose from ₦899 per litre at some depots to N955 per litre elsewhere.
Consumer impact and industry trends
The changes, the experts attribute to global crude oil gyrations and Nigeria’s deregulation policies as petrol prices rise. Brent crude prices slipped to $79.98 per barrel Tuesday from Friday’s $81, rebounding to $80.05 after minor adjustments.
According to NNPCL, petrol prices went up to ₦960 per litre at outlets in Lagos Alapere, Ketu. Meanwhile, marketers such as TotalEnergies had petrol at ₦985, while Petrocam and Sedabuk had been discounting the product from ₦950 to ₦1,000 at major highways.
But pump prices vary based on where you are because some stations are still selling old stock that they got at ₦899 per litre. But at some outlets queues have eased and consumers are frustrated with frequent hikes.
The adjustments are temporary and as a result of global changes, says an oil and gas expert, Olatide Jeremiah.
He pointed out, however, that deregulation guarantees market stability and eradicating fuel scarcity but of course flucutations would be inevitable.
