NNPC jerks up fuel price

The Nigerian National Petroleum Company Limited has increased the price of Premium Motor Spirit, petrol, across its retail outlets.

GOSSIP UNION on Tuesday gathered that NNPCL filling stations have jerked up their petrol to N999 per litre from N965 in the majority of their outlets in the Federal Capital Territory, Abuja, and Akwa Ibom State.

The state-owned oil company also increased the PMS price in Lagos to N960 per litre from N925.

The fuel price adjustments represent a N34 and N35 difference compared to the old price.

It could be recalled that Dangote Refinery last week announced an ex-depot petrol price increase, which saw its retail price go up to N970 per litre from N935.

GOSSIP UNION confirmed on Tuesday that Dangote Refinery partner, MRS filling stations along the Kubwa Expressway, sold fuel at N970 per litre, up from N935.

Other fuel retail outlets sell the product between N1030 per litre and N1,100, depending on the location.

Dangote Refinery and the Petroleum Products Retailers Association of Nigeria have blamed the surge in global prices of crude oil for the latest domestic petrol hike.

Nigerians have bitterly condemned the situation.

Meanwhile, GOSSIP UNION reports that on Wednesday morning, Brent crude dropped to $79 per barrel from above $81 last week.

However, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise noted that with Donald Trump’s presidency in the United States and his announcement on oil drilling, the global product supply may rise, while prices are likely to drop in the coming days.