🎧
Listen to this article
The Nigerian National Petroleum Company Limited (NNPCL) has increased the retail pump price of Premium Motor Spirit (PMS), commonly referred to as petrol, from ₦1,270 to ₦1,345 per litre across parts of Abuja.
A comprehensive market survey conducted on Monday confirmed that NNPCL retail stations operating along the Kurudu-Jikwoyi Expressway and several districts within the Federal Capital Territory (FCT) updated their fuel dispensers to reflect the new rate of ₦1,345 per litre.
This latest pricing update represents an immediate ₦75 per litre increase implemented by the state-owned oil firm.
Field monitoring indicated that various independent petroleum marketing outlets have similarly adjusted their retail rates, although prices vary depending on location.
At the Optima Filling Station in Idu, petrol was being sold for ₦1,345 per litre.
A station attendant, who requested anonymity, noted that the facility dispensed fuel at ₦1,260 per litre last week.
Conversely, AY Shafa Filling Station dispensed petrol at ₦1,320 per litre, matching rates observed at Eterna Filling Station in Kubwa and selected stations across the federal capital.
The fresh retail price surge follows recent actions by the Dangote Petroleum Refinery, which increased its gantry petrol price by ₦65, shifting rates from ₦1,200 to ₦1,265 per litre.
The refinery’s wholesale price adjustment has trickled down to retail pumps as marketers adjust for elevated landing and depot expenses.
These retail price movements occur alongside growing concerns surrounding high volumes of imported petrol entering the nation despite expanding domestic refining output.
Operational figures from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) indicated that PMS imports climbed to 43.3 percent in July.
The upward trend in imported fuel has drawn criticism from local refiners, with the Dangote refinery earlier cautioning that it might limit petrol allocations to active importers and marketers if foreign fuel inflows persist.
Management at the refinery emphasized that unbridled fuel importation threatens domestic refining investments and hampers local manufacturing competitiveness.
Monday’s price review marks the second major retail fuel price hike executed by NNPCL within the month of August.
The national oil company previously instituted a ₦20 per litre increase earlier in August, elevating pump prices from ₦1,250 to ₦1,270 per litre at its Abuja service stations.
Following the new ₦75 upward adjustment, motorists operating within the FCT are now paying up to ₦1,345 per litre at NNPCL stations, while independent retail rates across the territory currently hover between ₦1,320 and ₦1,345 per litre.
The sudden surge in fuel expenses is expected to push commercial transportation tariffs higher, adding extra financial pressure on households and commercial enterprises managing high operational costs.
No Comments