NNPCL Raises Petrol Pump Price by N115 Per Litre Amid Market Uncertainty
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, by N115 per litre, adding fresh pressure on consumers already grappling with rising living costs.
A market survey conducted by DAILY POST across Abuja and its surrounding areas on Tuesday revealed that NNPCL retail outlets adjusted their petrol price from N1,155 per litre to N1,270 per litre. The latest adjustment marks one of the most significant increases in recent weeks as operators in the downstream petroleum sector continue to respond to changing market conditions.
The development comes amid growing uncertainty in Nigeria’s fuel market, with several filling stations adjusting prices in response to supply concerns and fluctuating costs. Some NNPCL and MRS filling stations in Abuja were reportedly closed to customers, while others revised their pump prices upward.
Industry observers note that fuel prices have witnessed multiple increases within a short period. In less than a week, depot owners and petroleum marketers have reportedly raised ex-depot petrol prices twice, a trend that has continued to affect retail prices nationwide.
The latest increase also follows recent developments involving the Dangote Refinery, which resumed the sale of refined petroleum products in United States dollars. Analysts say the move has sparked discussions among stakeholders about its potential impact on product pricing, supply chains and foreign exchange demand within the downstream oil sector.
Motorists and commuters have expressed concerns that the higher fuel price could trigger additional increases in transportation fares and the cost of goods and services across the country.
As of the time of filing this report, NNPCL had not issued an official statement explaining the latest price adjustment. However, industry stakeholders are closely monitoring developments as Nigerians await further clarity on the direction of fuel prices in the coming weeks.