The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol to N990 per litre in Abuja and N965 per litre in Lagos.
Key Highlights:
- The price adjustment reflects ongoing market dynamics and aligns with the deregulation policy in the petroleum sector.
- The increase follows the commencement of loading operations at the Dangote Refinery, expected to reshape the fuel supply chain in Nigeria.
- Brent crude oil futures dropped to $79.98 per barrel on Monday, but rose marginally to $80.05 after the US presidential inauguration.
Reactions:
- Experts predict further changes in petrol pricing as Nigeria continues to align its energy policies with global market realities.
- Oil and gas expert, Olatide Jeremiah, stated that the refinery, depot, and pump price changes are a reflection of market forces and a testament to the petroleum sector being deregulated.
Impact:
- The price increase is expected to affect consumers and businesses relying on petrol for transportation and operations.
- The hike may also lead to increased costs for goods and services, as businesses pass on the additional expenses to consumers.
Source: Punch
