NNPCL Increases Petrol Price, New Pump Rate Emerges

The Nigerian National Petroleum Company Limited (NNPCL) has increased the retail price of Premium Motor Spirit (PMS), commonly known as petrol, in parts of Abuja, with motorists now paying as much as ₦1,345 per litre at some of its filling stations.

According to Bush Radio Academy, checks conducted on Monday showed that NNPCL outlets in areas including Gwarampa and Wuse Zones 4 and 6 had adjusted their pump price from the previous ₦1,270 to ₦1,345 per litre, representing a ₦75 increase.

A staff member at one of the affected NNPCL stations confirmed that the new price took effect on Monday, attributing the adjustment to the latest pricing review.

The development comes amid a fresh increase in petrol prices by several independent marketers across the Federal Capital Territory. Stations operated by MRS, Ranoil, Empire Energy and other retailers were also reported to have raised their prices by between ₦20 and ₦80 per litre.

The latest price adjustments followed an increase in the ex-depot price of petrol by the Dangote Petroleum Refinery, which reportedly raised its gantry price by ₦65 to ₦1,265 per litre.

The development has further heightened concerns among motorists and consumers, particularly as petrol prices remain subject to fluctuations in the downstream petroleum market.

Meanwhile, concerns have also been raised over the growing volume of imported petrol into Nigeria. The Dangote refinery had earlier expressed reservations about the surge in imports and threatened to restrict petrol sales to certain importers and marketers.

Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority indicated that imported petrol accounted for 43.3 per cent of Nigeria’s total petrol supply in July, underscoring the changing dynamics in the country’s fuel market.