See latest changes as NNPC announces new official petrol price

• The NNPC Limited has announced an summation successful the pump terms for Premium Motor Spirit (PMS) for Nigerians
• The latest alteration follows caller adjustments experienced astatine depots and besides astatine Dangote refinery
• The caller substance terms astatine filling stations is expected to origin a proscription fare summation crossed the country

Legit.ng writer Dave Ibemere has implicit a decennary of business journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The Nigerian National Petroleum Company Limited (NNPCL) has accrued its petrol pump terms to N915 per litre successful Lagos connected Sunday, June 22.

This caller terms represents a N15 summation from the erstwhile pump terms of N870 per litre.

NNPC filling stations successful Lagos to merchantability petrol astatine N915 per litre Photo credit: Bloomberg/contributor
Source: Getty Images

Amos, A filling presumption attendant successful Lagos, told Legit.ng

"Our manager was instructed connected Sunday greeting to set the pump terms to N915. Our erstwhile terms is N870 per litre."

Like NNPC, different substance stations summation petrol prices

Earlier, Legit.ng reported that Ardova, Mobil, Petrocam, Hyden, Matrix and different filling stations person besides made changes to their pump price supra N900 per litre.

At the Ardova filling station, the substance pump terms was accrued from N865 per litre to N930 per litre.

At MRS Oil Nigeria filling stations, substance is besides present being sold astatine N925 per litre successful Lagos, up from N865 conscionable days ago.

The institution besides released the pursuing caller prices for its fuel:

• Lagos: N925
• South-West: N935
• North-West & North-Central: N945
• South-South & South-East: N955
• North-East: N955

Not lone MRS, but different Dangote partners specified arsenic Technoil and Optima Energy person besides adjusted their petrol pump prices.

Dangote’s petrol terms determines however filling stations acceptable their pump prices. Photo credit: NNPC
Source: Getty Images

Dangote increases petrol price

The Dangote Petroleum Refinery has accrued its ex-depot petrol terms to N880 per litre.

The caller terms represents a N55 summation compared to the erstwhile complaint of N828 quoted by the refinery.

Petroleumprice.ng, a level that tracks regular merchandise prices, arsenic good arsenic a pro forma invoice, confirmed the latest change.

Why is substance terms expanding

The changes successful petrol prices tin beryllium traced to the caller surge successful planetary crude lipid prices.

Reuters reports that lipid prices jumped by astir 3% arsenic a week-old aerial warfare betwixt Israel and Iran escalated. Brent crude futures settled up $2.15, oregon 2.8%, astatine $78.85 per barrel, the highest adjacent since January 22.

Meanwhile, U.S. West Texas Intermediate (WTI) crude for July roseate by $2.06, oregon 2.7%, to $77.20 astatine 1:30 p.m. EST (5:30 p.m. GMT).

Despite Nigeria being an oil-producing nation, Aliko Dangote precocious revealed that his 650,000-barrel-per-day refinery is progressively sourcing crude lipid from the United States.

This exposes the refinery to fluctuations successful planetary lipid prices and speech complaint volatility. To support its margins, the refinery adjusts its petrol prices successful enactment with planetary crude lipid movements.

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: Legit.ng