Abuja, Nigeria – The Nigerian National Petroleum Company Limited has increased the pump price of Premium Motor Spirit, commonly known as petrol, at its retail outlets in Abuja to N960 per litre, up from N875, following a surge in global crude oil prices driven by escalating geopolitical tensions in the Middle East.
Okay News reports that checks conducted at several NNPCL stations in the Federal Capital Territory on Tuesday confirmed the upward adjustment, with petrol selling at N960 per litre compared to N875 on Monday. The development follows a similar increase by Dangote Petroleum Refinery, which raised its gantry price by N100 on Monday, bringing the ex-depot rate to N874 per litre from N774.
The increase in domestic fuel prices comes amid sharp rises in global crude oil benchmarks triggered by Middle East hostilities. Brent crude futures surpassed $80 per barrel on Monday and are currently trading higher. The escalation followed joint US-Israeli strikes on Iranian targets, with Iran retaliating by targeting US military bases and interests across the Middle East, including the UAE, Qatar, Bahrain, and Saudi Arabia.
Petroleum marketers under the Petroleum Products Retail Outlets Owners Association of Nigeria have expressed concern over the situation. Dr. Billy Gillis-Harry, PETROAN National President, warned that the ongoing Middle East conflict could significantly disrupt global energy markets and supply chains, noting that any sustained increase in global crude prices would inevitably be reflected in higher retail prices at petroleum outlets across Nigeria. Industry analysts warn that sustained geopolitical tensions could push crude oil prices higher, further impacting domestic pump prices. This fuel price increase highlights Nigeria’s vulnerability to global energy shocks and geopolitical risks affecting petroleum supply.
