NNPCL Raises Petrol Price Again, Putting Motorists Under Pressure
The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of Premium Motor Spirit (PMS), commonly known as petrol, in Abuja.
A market survey on Monday showed that NNPCL filling stations in Gwarimpa, Wuse Zones 4 and 6, and other parts of Abuja had adjusted their prices upward.
The new price is N1,345 per litre, compared with N1,270 previously, representing an increase of N75 per litre.
An attendant at an NNPCL filling station confirmed the development, saying, “Our petrol pump price was raised to N1,345 per litre today (Monday).”
The latest increase comes less than a week after NNPCL raised its petrol price by N20, from N1,250 to N1,270 per litre on August 25.
Other fuel marketers have also increased their pump prices, with MRS, Ranoil, Empire Energy and several other filling stations raising their prices by between N20 and N80 per litre over the weekend.
The latest adjustment followed a N65 increase in the Dangote Refinery’s gantry price for petrol, which rose to N1,265 per litre.
The refinery had earlier threatened to restrict petrol sales to fuel importers and marketers as petrol imports continued to rise.
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed that petrol imports accounted for 43.3 per cent in July.
Meanwhile, crude oil prices have also risen, with Brent crude trading at $91.20 per barrel and West Texas Intermediate (WTI) at $86.32 per barrel.
The latest pump price increase is expected to put further pressure on motorists, transport operators and businesses already struggling with rising operating costs.
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