ABUJA, Nigeria — The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, at its retail outlets, marking the latest adjustment in Nigeria’s downstream petroleum market.
A market survey conducted on Tuesday showed that the pump price at NNPCL retail stations in Abuja rose from N1,155 to N1,270 per litre, representing an increase of N115 per litre.
The latest adjustment comes amid continued volatility in the country’s downstream oil sector, where changing market conditions have prompted fuel marketers to review prices in recent days.
Several NNPCL and MRS filling stations were temporarily closed as the market adjusted to the new pricing environment, while many independent marketers also revised their pump prices upward.
Industry observers say the development follows a series of price increases by depot owners and petroleum marketers over the past week, reflecting ongoing fluctuations in supply costs and market dynamics.
The increase also comes shortly after Dangote Refinery announced the resumption of sales of refined petroleum products in United States dollars, a move that has attracted widespread attention from industry stakeholders monitoring its potential impact on domestic fuel prices.
The latest price adjustment is expected to influence transportation costs and other sectors of the economy that depend heavily on petroleum products.
Motorists and commercial transport operators have begun reacting to the increase, with many expressing concern over the potential impact on operating costs and the prices of goods and services.
The downstream petroleum sector has experienced multiple pricing adjustments since the deregulation of the market, with pump prices increasingly reflecting prevailing market conditions.
Industry analysts say future fuel prices will continue to depend on factors including crude oil prices, foreign exchange movements, refining costs and supply conditions within the domestic market.
NNPCL has not announced whether further price adjustments are expected, but stakeholders say developments in both the local and international energy markets will continue to influence pump prices in the coming weeks.
