Retail outlets of the Nigerian National Petroleum Company Limited (NNPCL) have hiked the pump price of Premium Motor Spirit (PMS), commonly known as petrol.
A market survey conducted by DAILY POST on Tuesday revealed that state-owned filling stations in Abuja and neighboring areas increased petrol prices to ₦1,270 per liter, up from ₦1,155 per liter.
This adjustment represents a petrol price increase of ₦115 per liter across NNPCL retail stations.
According to sources, several NNPCL and MRS filling stations in Abuja shut down, while other retail stations hiked fuel prices on Monday amid growing uncertainty in the country’s downstream oil sector.
Depot owners and marketers have raised petrol prices twice in less than a week.
The latest increase follows Dangote Refinery’s decision last week to resume the sale of refined petroleum products in US dollars.
Meanwhile, the latest development follows the Dangote Refinery’s decision to revert to pricing refined petroleum products in US dollars, sparking heightened concerns over potential price volatility across the downstream market.
As households continue to struggle with rising living costs, the latest increase in petrol prices is expected to drive up transportation fares and further inflate the prices of everyday goods and services.
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Backstory
The latest increase in NNPC retail petrol prices comes just days after a fresh wave of price adjustments across Nigeria’s downstream petroleum sector, triggered by rising ex-depot prices and mounting supply concerns.
The development followed the temporary suspension of petrol loading at the Dangote Petroleum Refinery, which prompted many independent marketers to source products from private depots at significantly higher prices. Industry operators had warned that the disruption would inevitably translate into higher pump prices nationwide.
The adjustment also reflects the continued impact of Nigeria’s deregulated petrol market, where market forces, rather than government subsidies, now largely determine fuel prices.
Read Also: Dangote Refinery Petrol Loading Suspended, IPMAN Confirms
