Fuel Price Rises Again As NNPCL Sells Petrol At ₦1,430/Litre

The Nigerian National Petroleum Company Limited (NNPCL) on Tuesday increased the pump price of Premium Motor Spirit (PMS), also know as petrol.

According to a market survey by Daily Post, the majority of NNPCL retail outlets in Abuja and its environs had increased their petrol pump price to between ₦1,395 and ₦1,430 per litre.

This means that the state-owned oil firm adjusted its petrol price upward by between ₦50 and ₦80 per litre.

The new prices have been implemented at NNPCL outlets in Airport Junction, Gwarinpa, Kubwa Expressway, Wuse Zone 4 and other parts of the nation’s capital and its environs.

Recall that Dangote Petroleum Refinery had recently raised the gantry price of its Premium Motor Spirit (PMS), popularly known as petrol, by ₦85 per litre.

The increase raised the price per litre of petrol from ₦1,265 to ₦1,350, a 6.7 per cent increase.

According to information obtained from Petroleumprice.ng, the new price comes amid a sharp rise in international crude oil prices and higher petroleum product replacement costs, with PMS landing cost now at ₦1,311 per litre.

The latest adjustment placed Dangote’s ex-gantry price above the current landing-cost benchmark.

The increase reverses the refinery’s earlier decision to hold its Lagos PMS price, as rising crude prices and replacement costs have intensified pressure across the downstream market.