The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS) from ₦895 to ₦945 per litre at its retail stations across Abuja, reflecting a ₦50 increment.
A survey by DAILY POST on Monday revealed the new pricing at various NNPCL outlets, including those located along the Kubwa Expressway, Wuse Zone 6 (Berger), Zone 4, Airport Road, and Lugbe.
The price adjustment by the state-owned oil firm follows a similar move by private marketers, such as MRS, which recently announced a revised price template ranging from ₦925 to ₦945 per litre in both Lagos and Abuja. MRS is a retail partner of the Dangote Refinery.
This upward adjustment comes on the heels of Dangote Refinery’s hike in its ex-depot price of petrol from ₦825 to ₦880 per litre last Friday.
Reacting to the development, a motorist, Benjamin Chukwu, expressed concern over the economic implications. “I discovered they increased their pump price on Sunday evening to ₦945 per litre. Others like MRS also did this weekend. Certainly, this will impact transportation fare,” he said.
The fuel price surge is expected to further compound Nigeria’s inflationary pressures, particularly as the cost of transportation is set to rise across the board.
The local price adjustment also coincides with rising global oil prices, driven by heightened geopolitical tensions. Brent Crude and West Texas Intermediate surged by nearly 3% on Monday following reports that the United States bombed three Iranian nuclear sites over the weekend, escalating hostilities in the Middle East.
As global market volatility continues, Nigerians may face more fuel price fluctuations in the coming weeks.
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