The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of Premium Motor Spirit, PMS, commonly known as petrol, to ₦1,270 per litre in Abuja and some surrounding areas.
The latest increase represents a ₦20 rise from the previous price of ₦1,250 per litre at NNPCL retail stations.
The adjustment was observed on Tuesday, August 25, during a market survey of filling stations in Abuja and neighbouring areas.
The increase came despite efforts by Dangote Refinery to reduce the cost and improve the distribution of locally refined petrol across the country.
Dangote Refinery recently expanded its free petrol delivery programme to 10 locations, including Abuja, with the product being supplied at a reported price of ₦1,185 per litre.
The development means motorists purchasing petrol from NNPCL stations in the affected areas are now paying more than the price associated with the Dangote Refinery’s latest supply arrangement.
The NNPCL adjustment also comes at a time when international crude oil prices have been falling, raising questions about the factors behind the latest change in the domestic petrol market.
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The new price could increase transportation costs for commuters and operators, particularly if other filling stations follow the move and adjust their pump prices.
Petrol prices remain a major concern for households and businesses because of their effect on transportation, food distribution, production costs and other daily expenses.
The latest NNPCL adjustment also comes amid increased competition in Nigeria’s downstream oil sector, with domestic refineries playing a growing role in petrol supply.
Dangote Refinery has continued to expand its distribution network and supply of locally refined petroleum products, while the Federal Government has been encouraging greater domestic refining as part of efforts to reduce dependence on imported fuel.
The price difference between NNPCL outlets and the reported Dangote supply price is expected to attract further attention from motorists and other fuel consumers.
The latest development adds to the continuing changes in petrol prices since the removal of fuel subsidy in 2023, a policy that transferred the responsibility for determining pump prices increasingly to market forces.
Consumers have continued to monitor petrol prices closely as changes in crude oil prices, refining costs, distribution expenses and market competition affect what motorists pay at filling stations.
For now, the NNPCL outlets surveyed in Abuja and nearby areas have moved from ₦1,250 to ₦1,270 per litre, marking another increase in the price of petrol sold by the state-owned oil company.
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