The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, by N75 per litre.
The latest increase pushes the price of petrol at NNPCL filling stations to N1,345 per litre, up from the previous price of N1,270.
The new price took effect on Monday, August 31, with motorists in Abuja among those already feeling the impact.
NNPCL Petrol Price Jumps to N1,345
Checks across several NNPCL filling stations in Abuja, including outlets around Gwarimpa and Wuse Zones 4 and 6, showed that petrol was being sold at the new rate of N1,345 per litre.
The increase represents a N75 jump per litre and comes just days after NNPCL adjusted its pump price from N1,250 to N1,270 per litre on August 25.
An attendant at one of the affected filling stations confirmed that the new price had been implemented on Monday.
The latest adjustment means motorists are now paying significantly more for every litre of petrol purchased from NNPCL outlets.
Other Filling Stations Also Increase Pump Prices
NNPCL is not the only fuel retailer to have raised prices in recent days.
Several other filling stations, including MRS, Ranoil and Empire Energy, reportedly increased their petrol prices over the weekend, with the adjustments ranging from about N20 to N80 per litre.
The fresh wave of increases is adding further pressure to fuel costs across the country, with motorists facing different pump prices depending on the filling station and location.
Dangote Refinery Raises Petrol Gantry Price
The latest retail price increases come shortly after the Dangote Refinery raised its gantry price for petrol by N65, taking it to N1,265 per litre.
The development has added to concerns about another round of increases in the downstream petroleum market.
The refinery has also raised concerns over the growing volume of petrol imports into Nigeria and previously warned that it could restrict petrol sales to importers and marketers if the trend continued.
Available industry data indicated that petrol imports accounted for 43.3 percent of supply in July, highlighting the continued competition between locally refined products and imported fuel.
Rising Crude Oil Prices Add Pressure
The latest petrol price adjustment also comes amid higher international crude oil prices.
Brent crude was trading at around $91.20 per barrel, while West Texas Intermediate (WTI) stood at approximately $86.32 per barrel.
With Nigeria’s petrol market still influenced by crude oil prices and other supply-chain costs, further changes in the international oil market could continue to affect domestic fuel prices.
For Nigerian motorists, the latest N75 increase means higher transportation and operating costs at a time when households and businesses are already dealing with elevated living expenses.
