The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, to ₦1,270 per litre at its retail outlets in Abuja and surrounding areas.
A market survey conducted on Tuesday showed that the state-owned oil company raised the price from ₦1,155 to ₦1,270 per litre, representing an increase of ₦115 per litre.
The latest adjustment comes amid fresh volatility in the downstream petroleum sector, with depot owners and independent marketers having increased ex-depot prices twice within the past week.
The upward review was also reflected across several filling stations, as some NNPCL and MRS outlets in the Federal Capital Territory remained closed on Monday while others adjusted their pump prices in anticipation of the new pricing regime.
Industry observers say the increase is linked to the recent surge in depot prices and evolving market dynamics following the decision by the Dangote Refinery to resume the sale of refined petroleum products in United States dollars.
The refinery’s move has sparked fresh concerns among petroleum marketers and consumers over the trajectory of fuel prices and the potential impact on transportation costs, inflation and the overall cost of living.
The latest price hike marks another increase in petrol costs, further intensifying pressure on motorists, businesses and households already grappling with rising living expenses.
