The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, across its outlets in Abuja.
A market survey on Monday showed that NNPCL stations in Gwarimpa, Wuse Zones 4 and 6, and other parts of the Federal Capital Territory had adjusted their petrol price to N1,345 per litre from the previous N1,270.
The latest adjustment represents an increase of N75 per litre by the state-owned oil company.
NNPCL stations adjust pump price
Atendant at an NNPCL filling station confirmed the latest increase.
The development is expected to further increase pressure on motorists and businesses already grappling with rising transportation and operating costs.
Other marketers increase prices
The latest NNPCL adjustment comes after several independent fuel marketers also reviewed their pump prices upward over the weekend.
MRS, Ranoil, Empire Energy and other filling stations reportedly increased their petrol prices by between N20 and N80 per litre.
The varying adjustments reflect the latest changes in the downstream petroleum market amid movements in the cost of refined petroleum products.
Dangote Refinery raises gantry price
The development also follows an increase in the gantry price of petrol by Dangote Refinery.
The refinery raised its petrol gantry price by N65 to N1,265 per litre.
The mega refinery had previously threatened to restrict petrol sales to fuel importers and marketers following a surge in petrol imports.
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed that petrol imports rose to 43.3 per cent in July.
Crude oil prices rise
The latest petrol price increases also come amid a rise in international crude oil prices.
Brent crude rose to $91.20 per barrel, while West Texas Intermediate (WTI) crude stood at $86.32 per barrel.
NNPCL had on August 25 increased the price of petrol by N20, moving it from N1,250 to N1,270 per litre.
Monday’s adjustment therefore marks another increase in the company’s retail petrol price within a week.
