NNPCL Raises Petrol Price to N960 in Abuja Amid Global Oil Surge – Nigeria News Today
By Queen Madaki
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS) to N960 per litre at its retail outlets in Abuja, up from N875, according to checks monitored by The Business Bureau.
The price adjustment follows a sharp rise in global crude oil prices triggered by escalating geopolitical tensions in the Middle East, a development now dominating Nigeria News Today and global energy headlines.
Global Oil Shock Driving Domestic Fuel Increase – Nigeria News Today
Brent crude futures climbed above $80 per barrel earlier this week and are currently trading around $84 per barrel. The surge was triggered by renewed hostilities involving the United States and Israel against Iranian targets, which have heightened fears of supply disruptions across global energy corridors.
Energy analysts say the risk premium attached to Middle East instability has significantly tightened global oil supply expectations, pushing international benchmarks higher and exerting pressure on domestic PMS pricing in Nigeria’s deregulated market.
Dangote Refinery Also Adjusts Ex-Depot Price
The development comes after Dangote Petroleum Refinery increased its gantry price by N100, raising the ex-depot rate to N874 per litre from N774.
The combined adjustments from NNPCL and Dangote Refinery suggest that retail fuel prices across Nigeria may experience further upward reviews if global crude volatility persists.
Economic Impact on Nigeria – The Business Bureau Analysis
According to energy market data reviewed by The Business Bureau Nigeria, the implications are mixed:
- Higher oil revenue: Elevated crude prices may boost federal earnings and foreign exchange inflows.
- Inflationary risks: Rising PMS prices could transmit into transportation, logistics, and food supply chains.
- Reduced consumer purchasing power: Households and SMEs may face additional financial strain.
Industry observers warn that if Brent crude approaches $100 per barrel, domestic pump prices could climb further.
Petroleum Marketers Raise Concerns
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed concern over continued volatility in the international oil market.
PETROAN National President, Dr. Billy Gillis-Harry, stated that sustained geopolitical tensions could significantly disrupt global energy markets and inevitably translate into higher retail fuel prices nationwide.
Market Outlook
With no immediate diplomatic resolution in sight in the Middle East, fuel prices remain vulnerable to further adjustments. In January, NNPCL had raised Abuja pump prices to N839 per litre, underscoring the speed at which global energy shocks now affect domestic pricing.
For continued updates on fuel pricing, energy markets, and Breaking News Nigeria, follow The Business Bureau.
