The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, across its retail outlets in Abuja and surrounding areas.
A market survey conducted on Tuesday revealed that the state-owned oil company raised the price of petrol from N1,155 per litre to N1,270 per litre, representing an increase of N115 per litre.
The latest adjustment comes amid growing uncertainty in Nigeria’s downstream petroleum sector, with fuel prices witnessing multiple upward reviews within the past week.
Several NNPCL and MRS filling stations in Abuja were reportedly shut on Monday, while other independent marketers also adjusted their pump prices in response to changing market conditions.
Industry observations indicate that depot owners and fuel marketers have increased petrol prices twice in less than one week, reflecting continued volatility in the supply chain.
The latest development also follows Dangote Refinery’s recent decision to resume the sale of refined petroleum products in US dollars, a move that has sparked concerns over its potential impact on domestic fuel pricing.
The fresh hike is expected to further increase transportation costs and put additional pressure on businesses and households already grappling with rising living expenses.
