Nigeria’s state oil company, Nigerian National Petroleum Company Limited (NNPCL), has lifted the retail pump cost of Premium Motor Spirit (PMS), commonly referred to as petrol, across its filling stations. A recent market check found that outlets in Abuja and surrounding areas now sell petrol at a higher rate, underscoring renewed pressure on fuel prices amid ongoing uncertainty in the downstream oil market.
Key takeaways
- NNPCL retail outlets in Abuja and nearby areas increased petrol prices to N1,270 per litre from N1,155.
- The move raises NNPCL’s pump price by N115 per litre.
- Some NNPCL and MRS stations in Abuja had closed, while other retailers adjusted pricing on Monday.
- Depot owners and fuel marketers have raised petrol prices twice within the space of less than one week.
- In the prior week, Dangote Refinery restarted the sale of refined petroleum products priced in dollars.
NNPCL raises petrol pump prices in Abuja
A market survey carried out on Tuesday showed that NNPCL-owned filling stations in Abuja and surrounding locations have increased the price of petrol to N1,270 per litre. This compares with the previous level of N1,155 per litre, indicating a further upward adjustment of fuel costs at the retail end.
With the new retail rate, NNPCL has added N115 per litre to its pump price. The change reflects the continued volatility affecting Nigeria’s fuel supply chain, particularly for products sold through the retail network.
Closures and rapid repricing signal downstream uncertainty
Reports from Abuja also pointed to disruptions in station operations. Some NNPCL and MRS filling stations had reportedly shut down, while other retail outlets raised their petrol prices on Monday, as uncertainty persisted in the country’s downstream oil sector.
Beyond NNPCL’s retail adjustments, the survey also noted that depot operators and fuel marketers have increased petrol prices twice within less than a week. This fast pace of repricing suggests ongoing challenges in pricing, supply, or cost pass-through across the market.
Dollar-priced supply restart adds to market pressure
Recent developments in refining and product distribution have also been cited as part of the broader context. Last week, Dangote Refinery resumed the sale of refined petroleum products, with transactions conducted in dollars. That shift is relevant to local pricing dynamics, as dollar-linked supply and pricing can quickly feed into domestic costs and retail pump rates.
