NNPCL Raises Petrol Price Again, Motorists Feel the Heat
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, across its stations in Abuja.
A market check on Monday showed that NNPCL outlets in Gwarimpa, Wuse Zones 4 and 6, and other parts of the Federal Capital Territory had adjusted their prices upward.
The latest adjustment moves the price from N1,270 to N1,345 per litre, representing an increase of N75 per litre.
An attendant at an NNPCL station confirmed the development, saying the new price took effect on Monday.
“Our petrol pump price was raised to N1,345 per litre today (Monday),” the attendant said.
The increase comes less than a week after NNPCL reviewed its petrol price upward by N20, from N1,250 to N1,270 per litre on August 25.
Other fuel marketers have also increased their prices, with MRS, Ranoil, Empire Energy and several other stations raising their pump prices by between N20 and N80 per litre over the weekend.
The latest development follows an increase in the petrol price at the gantry of the Dangote Refinery, which rose by N65 to N1,265 per litre.
The refinery had earlier warned that it could restrict petrol supplies to importers and marketers as fuel 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, international crude oil prices have also recorded significant increases, with Brent crude selling at $91.20 per barrel and West Texas Intermediate (WTI) at $86.32.
The latest pump price adjustment is likely to add further pressure to motorists and businesses already facing increased transportation and operating costs.
