The Nigerian National Petroleum Company Limited (NNPC Ltd) has increased the pump price of Premium Motor Spirit (PMS), also known as petr...
The Nigerian National Petroleum Company Limited (NNPC Ltd) has increased the pump price of Premium Motor Spirit (PMS), also known as petrol, across its retail stations, reflecting broader shifts in depot prices and rising volatility in the international oil market.
Akuko - Latest Celebrity News observed on Monday that outlets operated by NNPC in the Central Area of Abuja adjusted their pump price from N885 to N945 per litre, marking a significant jump in the space of just days.
This price hike follows a similar move by Dangote Refinery, which recently raised its ex-depot petrol price from N825 to N880 per litre, a key development that appears to have triggered a cascading effect across the downstream market.
A pump attendant at the NNPC Lugbe outlet confirmed to this paper that the new price came into effect early Monday morning.
Other filling stations across Abuja and Lagos are following suit:
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At AA Rano in Area 8, Garki, petrol now sells for N955 per litre, up from N910.
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Conoil in the Central Business District has also increased its rate from N900 to N945 per litre.
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In Lagos, prices climbed from N870 to N915 per litre at several retail points.
The surge in retail fuel prices is attributed to ongoing instability in the global crude oil market, which directly impacts the cost of refined petroleum products in Nigeria, a nation heavily reliant on imports for domestic consumption despite its oil-rich status.
Industry analysts note that rising international crude prices, along with exchange rate pressures and logistics costs, are putting upward pressure on local pump prices.
As of press time, NNPC Ltd has not issued an official statement regarding the adjustment, but sources within the sector suggest that further price fluctuations may occur if market conditions continue to tighten.
Consumers across the country are already expressing concern over the increase, which is expected to impact the cost of transportation and trigger inflationary pressures in the short term.
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