NNPCL hikes petrol price amid appointment of new GCEO

LAGOS, April 3 (Jawasi) - The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS) popularly known as petrol to N935 per litre in Ibadan, N925 per litre in Lagos, and N950 per litre in Abuja. The hike in petrol prices by the NNPCL is coming just hours after a new management was announced for the state oil company. The latest adjustment represents a N65 increase from the former price of N860 per litre in Lagos and N870 per litre in Ibadan, while Abuja sees a N70 jump from N880 per litre. The NNPC petrol price hike follows Dangote Refinery’s decision to suspend the sale of petroleum products in naira, triggering shifts in Nigeria’s deregulated fuel market. A survey of NNPC stations along the Lagos-Ibadan Expressway, Tipper Garage, Akala Express, and Odo-Ona Elewe in Ibadan confirmed price adjustments to N935 per litre. Similarly, it was gathered that outlets along the Kubwa Expressway and Wuse in Abuja are now dispensing fuel at N950 per litre. However, some stations have yet to implement the change due to logistics.

Organization restructuring whilst Dangote Refinery dictates for the NNPC - the dictation would be easier to be achieved because the Tinubu subsidy removal clause causing the inflation has affected exchange rates adversely.