The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS) across its retail outlets in Abuja following a hike in gantry price by the Dangote Refinery.
A market survey conducted on Thursday revealed that NNPCL filling stations in the Federal Capital Territory adjusted their petrol pump price to N1,364 per litre, up from the previous N1,295 per litre. The development represents a N69 increase per litre by the state-owned oil company.
The new pricing has already taken effect at several NNPCL outlets, including those located in Gwarimpa, along the Kubwa Expressway, Wuse Zone 6, and Zone 4 in Abuja. Attendants at some of the stations confirmed the adjustment.
“We adjusted our pump price to N1,364 per litre from N1,295 this morning,” one of the attendants disclosed.
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The ripple effect of the price adjustment has also been observed among independent marketers. Filling stations operated by major downstream players such as MRS Oil Nigeria Plc and BOVAS Group, as well as other retail outlets in Abuja, have raised their pump prices to between N1,365 and N1,370 per litre.
The latest increase follows a decision by Dangote Refinery on Wednesday to raise its gantry price by N75, from N1,200 to N1,275 per litre. The refinery attributed the upward review to the surge in global crude oil prices, which have climbed above $115 per barrel.
Industry observers say the upward movement in crude oil prices continues to exert pressure on domestic fuel pricing, particularly under Nigeria’s deregulated downstream petroleum market regime.