NNPCL Raises Petrol Price to ₦1,345/Litre in Abuja -By Faith Ogbotor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, from ₦1,270 to ₦1,345 per litre at some of its filling stations in Abuja.

The latest adjustment, which took effect on Monday, August 31, represents a ₦75 increase and is the second price adjustment by NNPCL in Abuja this month. The company had earlier raised its pump price from ₦1,250 to ₦1,270 per litre.

Checks at several NNPCL stations in the Federal Capital Territory showed the new ₦1,345 price, while prices at other filling stations varied depending on the marketer and location. PUNCH reported the new NNPCL price at stations along the Kurudu-Jikwoyi Expressway and other parts of Abuja. (Punch Newspapers)

The latest development comes amid a series of price adjustments across Nigeria’s downstream petroleum market.

The Dangote Petroleum Refinery on August 29 increased its petrol gantry price by ₦65, from ₦1,200 to ₦1,265 per litre. The latest adjustment was the refinery’s third increase in less than two weeks, bringing its cumulative increase over the period to ₦100 per litre. (Legit.ng – Nigeria news.)

The refinery’s price adjustments have continued to filter through the downstream market, with independent marketers also reviewing their pump prices in different locations. Reports from Abuja showed some stations selling petrol at ₦1,320 and ₦1,345 per litre, although prices vary from one outlet to another. (Punch Newspapers)

Dangote Refinery has attributed its latest price increase to the cost of crude purchased earlier, as well as the time and logistics involved in sourcing, shipping and delivering crude to the refinery.

The price movements come against the backdrop of ongoing changes in Nigeria’s downstream petroleum sector following the removal of petrol subsidies and the increased role of market forces in determining pump prices.

The latest increase is expected to place additional pressure on motorists, transport operators, households and businesses, particularly because petrol remains a major input in road transportation and the distribution of goods.

For motorists in Abuja, the immediate effect is another increase in the cost of filling their vehicles, while consumers may also face higher transportation and distribution costs if the latest adjustment is sustained.

However, the ₦1,345 per litre price should not be regarded as a uniform national pump price, as petrol prices continue to differ across locations, marketers and individual filling stations. (Punch Newspapers)