The Nigerian National Petroleum Company Limited (NNPCL) has raised petrol prices across the country, citing the impact of rising global crude oil prices. The pump price for Premium Motor Spirit (PMS) in Abuja increased by ₦25 per liter to ₦990, while in Lagos, prices jumped by ₦35 per liter to ₦960.
The adjustment follows a steady rise in crude oil prices, which have recently exceeded $85 per barrel. This surge is fueled by global production cuts led by the Organization of Petroleum Exporting Countries (OPEC) and its allies, as well as geopolitical tensions affecting supply chains.
Energy analysts predict that crude oil prices could rise further in 2025, driven by China’s economic recovery and a continued push for clean energy investments. However, the global transition to renewable energy is creating market uncertainties, leading to fluctuations in fossil fuel demand and supply.
“This price hike reflects the global energy market’s volatility and Nigeria’s dependence on imported refined products,” said Dr. Aliyu Musa, an energy expert. “Until the country ramps up local refining capacity, such adjustments will persist whenever global prices surge.”
The increase is expected to affect transport fares, food prices, and other essential goods, compounding economic challenges for Nigerians already grappling with inflation.
As global energy dynamics shift, Nigeria’s reliance on imported petroleum products and its vulnerability to external market shocks underscore the urgency for domestic refining and energy diversification.
