Nigeria’s state-owned oil company has raised the retail price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,345 per litre in Abuja, adding to recent increases across the country’s fuel market.
What happened
- NNPCL outlets in Gwarimpa, Wuse Zones 4 and 6, and other parts of Abuja were selling petrol at N1,345 per litre on Monday, up from N1,270.
- The change represents a N75-per-litre increase by the Nigerian National Petroleum Company Limited.
- An attendant at an NNPCL station, who requested anonymity, confirmed that the new price took effect on Monday.
- MRS, Ranoil, Empire Energy and other Nigerian fuel retailers had already increased their prices by between N20 and N80 per litre over the weekend.
- The retail adjustments followed Dangote Refinery’s decision to lift its gantry petrol price by N65 to N1,265 per litre.
- The refinery had warned that it could limit petrol supplies to importers and marketers as imported fuel accounted for 43.3% of the market in July, based on figures from the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
Market background
Crude prices also moved sharply higher, with Brent trading at $91.20 a barrel and West Texas Intermediate at $86.32.
NNPCL had previously increased its petrol price on August 25, raising it by N20 from N1,250 to N1,270 per litre.
