NNPCL Raises Petrol Price to N960 Amid Gulf Crisis

The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of petrol at its Abuja outlets to ₦960 per litre, up from ₦875, following a surge in global crude oil prices.

Checks at NNPCL stations confirmed the adjustment, which came a day after Dangote Refinery increased its ex-depot rate by ₦100 to ₦874 per litre.

The hikes are linked to escalating Middle East tensions, after US-Israeli strikes on Iran reportedly killed Supreme Leader Ayatollah Khamenei. Iran retaliated with missile attacks on US-linked facilities in Bahrain, Qatar, the UAE, and Saudi Arabia.

The conflict has disrupted supply chains and pushed Brent crude futures above $84 per barrel, creating upward pressure on domestic fuel prices.

Analysts warn that sustained instability could drive crude prices beyond $100 per barrel, further impacting Nigeria’s pump prices. While higher oil prices may boost government export revenues, rising PMS costs are expected to worsen inflation and erode household purchasing power.

Petroleum marketers under PETROAN expressed concern, noting that global volatility will inevitably reflect in higher retail prices.

“Any sustained increase in global crude prices will be reflected in higher retail prices at petroleum outlets across Nigeria,” said PETROAN President Dr. Billy Gillis-Harry.

The development highlights Nigeria’s vulnerability to global energy shocks, with consumers and businesses already struggling under economic pressures.

With no immediate resolution to the Middle East crisis, fuel prices are expected to remain volatile, leaving Nigerians braced for further upward adjustments in the weeks ahead.