The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit, popularly known as petrol, from ₦1,250 to ₦1,270 per litre at its retail outlets in Abuja and neighbouring areas.
The latest adjustment represents a ₦20 increase per litre and was observed at NNPCL filling stations on Tuesday.
The increase comes despite the recent expansion of the Dangote Refinery’s petrol delivery initiative, which includes Abuja among the destinations where petrol is reportedly being supplied at ₦1,185 per litre.
The development has also widened the price difference between NNPCL outlets and several private filling stations in the Federal Capital Territory.
MRS, Others Sell Below NNPCL
For instance, MRS reportedly increased its petrol price by ₦20 to ₦1,230 per litre, making its product about ₦40 cheaper than the new NNPCL rate. Other marketers, including Geregu, Ranoil, Emedab and Mobil, were also reported to be selling below the NNPCL price in some locations.
However, some filling stations are selling above the new NNPCL rate. Empire and AA Rano, for example, were reportedly dispensing petrol at between ₦1,275 and ₦1,299 per litre.
Read also: Nigeria’s Refineries Get 80% Local Crude Supply
This means motorists in Abuja and its environs are currently paying between ₦1,230 and ₦1,299 per litre, depending on the filling station.
The latest price adjustment comes amid movements in the international oil market. At the time of the reports, Brent crude was trading at about $88.80 per barrel, while West Texas Intermediate (WTI) stood at approximately $81.86 per barrel.
The contrasting movements, lower international crude prices on one hand and a higher NNPCL pump price on the other, are likely to keep attention focused on developments in Nigeria’s downstream petroleum sector.
The new petrol price could also have implications for transport fares, logistics and the cost of goods and services, as motorists and businesses continue to monitor pump-price movements across the country.
