NNPCL Increases Petrol Price by ₦115 Per Litre

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦115 per litre, raising fresh concerns over the cost of transportation and other economic activities.

A market survey conducted on Tuesday showed that NNPCL retail outlets in Abuja and its environs have adjusted the price of petrol from ₦1,155 to ₦1,270 per litre, reflecting the latest increase by the state-owned oil company.

The price adjustment comes amid growing uncertainty in Nigeria’s downstream petroleum sector. Several NNPCL and MRS filling stations in Abuja were reportedly shut on Monday, while other independent marketers also reviewed their pump prices upward.

The latest increase follows successive upward adjustments by depot owners and fuel marketers within the past week, further signaling continued volatility in the country’s fuel market.

Industry observers have linked the development to recent changes in the downstream sector, including the resumption of refined petroleum product sales in United States dollars by the Dangote Refinery, a move that has continued to influence pricing across the fuel supply chain.

The latest price hike is expected to have a ripple effect on transportation costs, the prices of goods and services, and the overall cost of living as consumers and businesses grapple with the impact of rising energy costs.