Retail outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) have raised the pump price of Premium Motor Spirit (PMS), commonly known as petrol, from N965 to N990 per litre in the Federal Capital Territory. This price increase, which took effect nationwide on Tuesday, also raised the cost in Lagos from N925 to N960 per litre.
A review of some filling stations revealed the price hike has already been implemented. The new rate represents an increase of N20 or 2.1% compared to the N970 per litre set by Dangote Refinery in collaboration with MRS, Ardova, and Heyden.
This adjustment reflects the ongoing shifts in the market and aligns with the deregulation policy in Nigeria’s petroleum sector, which allows fuel prices to fluctuate according to supply and demand.
The price hike follows recent developments in the sector, particularly the beginning of operations at the Dangote Refinery, which is expected to significantly impact the fuel supply chain in Nigeria. Earlier, petrol prices surged between N1,050 and N1,150 per litre after the Dangote Refinery raised its PMS price from N899 per litre to N955 per litre at its loading gantry.
Fuel dealers have indicated that prices are likely to keep rising as the cost of crude oil, a major component in fuel production, continues to increase.
At an NNPCL station near the Airport Junction in Abuja, the price was seen at N990 per litre, up from N965 the previous day. Another station in Life Camp listed its price at N970 per litre but was not selling at the time. A station in Mabuchi was still selling at the previous price of N965 per litre.
Additionally, both major and independent marketers have raised petrol prices, with some stations now charging as much as N1,030 per litre. Stations located along areas such as Airport Road, Central Area, and Nyanya have adjusted their prices, which now range from N990 to N1,030 per litre.
