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The Price Of Gasoline Has Been Raised By NNPCL To N990 In Abuja And N965 In Lagos.

In the Federal Capital Territory, the pump price of Premium Motor Spirit, commonly referred to as gasoline, has increased from N965 to N990 per litre due to changes made by retail outlets owned by the Nigerian National Petroleum Company Limited.

On Tuesday, the new price template went into effect nationwide, raising the price of NNPCL in Lagos from N925 to N960 per liter.

The price has been changed, according to our correspondent’s checks at a few of the gas stations.

The figure is N20, or 2.1%, more than the N970 retail price that the Dangote Refinery, in collaboration with Heyden, Ardova, and MRS Filling Station, declared.

The price change is in line with the petroleum industry’s deregulation policy, which permits price fluctuations based on supply and demand, and it reflects current market dynamics.

This increase comes after recent changes in the industry, such as the start of loading operations at the Dangote Refinery, which is anticipated to change Nigeria’s fuel supply chain.

Recall that the Dangote Petroleum Refinery and many depot owners increased the price of gasoline on Friday, causing the pump prices to increase to between N1,050 and N1,150 per liter.

At its loading gantry, the $20 billion plant increased its PMS from N899/liter to N955/liter.

Since crude oil, the primary ingredient in fuel production, has been rising recently, dealers confirmed that PMS prices would continue to rise.

Our correspondent noticed that a NNPCL station at Airport Junction, Abuja, was selling for N990 per litre instead of N965 on Monday.

When our correspondent visited, another station at Life Camp was not selling to customers who were waiting, despite listing its products at N970 per litre.

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The previous price of N965 per litre was still being sold at another station in Mabuchi.

In the meantime, both independent and major marketers have raised the price of gasoline to a maximum of N1,030 per liter.

Our correspondent’s checks revealed that the retail prices of filling stations along Airport Road, Central Area, and Nyanya went up from N990 to N1,030 per liter.

The amount represents an increase of N60 or 6.18 per cent from N970 it sold its products last week Friday.

Shema station charged N1,030 per litre, while Aym Shafa and Matrix filling stations on Airport Road charged N1,000.

As petrol consumers adjust to the new pump price, experts predict further changes in petrol pricing as Nigeria continues to align its energy policies with global market realities.

A source at the private depot informed that loading activity commenced fully on Monday with bulk marketers loading products from the Dangote refinery.

The source said, “Refined petroleum sales commenced fully today with no issues at all. Marketers have increased their prices between N965 and N975 per litre at depots but at filling stations, a litre increased above N1,000 in Lagos. In Akwa Ibom, costs climbed to N1,100.”

Reacting, an oil and gas expert, Olatide Jeremiah, said the refinery, Depot, and Pump price adjustments are a manifestation of market forces and a testament to the petroleum sector being deregulated.

He remarked, “The Refinery, Depot, and Pump price changes are a reflection of market forces and a testament to the petroleum sector being deregulated. Deregulation is one important answer to fuel scarcity and spike in pump prices.

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“This hike is temporary; it’s an effect of Former President Biden’s ban on Russian oil companies. As of this morning, Brent crude oil prices fall below $80 per barrel as Trump enters Presidency.”

Meanwhile, Brent crude oil futures dipped to $79.98 a barrel on Monday, from $81 last Friday.

Brent crude for March delivery was down 1.5 per cent to trade at $79.66 per barrel at 11.20 am ET while WTI crude for February delivery lost 1.8 per cent to $76.46 per barrel.

But following the inauguration yesterday, the Brent crude jumped again little to $80.05.

The US under Joe Biden, the immediate past president, had strengthened sanctions on Russia, slapping large fines on its vessels.

Experts think it was impacted by US President Donald Trump’s inauguration in the anticipation of some clarity on his policy plan.

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