The Nigerian National Petroleum Company Limited has increased the pump price of Premium Motor Spirit, popularly known as petrol, to N1,345 per litre at some of its filling stations in Abuja.
The latest adjustment represents a N75 increase from the previous N1,270 per litre price.
According to The PUNCH, a market survey conducted in parts of the Federal Capital Territory on Monday showed that NNPCL outlets along the Kurudu-Jikwoyi Expressway and other locations had already effected the new price.
Independent marketers were also found to have adjusted their prices, although the rates varied from one location to another.
At Optima Filling Station in Idu, petrol was sold for N1,345 per litre. A fuel attendant, who requested anonymity, said the station sold the product at N1,260 per litre the previous week.
The attendant said, “We were selling at N1,260 last week, but the price has now increased to N1,345 per litre.”
However, some stations sold below the new NNPCL rate. Ay Shafa Filling Station dispensed petrol at N1,320 per litre, while the same price was observed at Eterna Filling Station in Kubwa and some other outlets.
The latest development follows an increase in the gantry price of petrol by Dangote Petroleum Refinery.
The refinery recently raised its petrol price by N65, moving it from N1,200 to N1,265 per litre. The adjustment has heightened concerns about further increases in retail prices amid rising landing and depot costs.
The latest price hike also comes against the backdrop of increasing petrol imports, despite growing domestic refining capacity.
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that imported petrol accounted for 43.3 per cent of total supply in July.
The development has raised concerns in the domestic refining sector, with Dangote Refinery warning previously that continued growth in petrol imports could affect local producers and discourage investment in refining.
NNPCL had earlier increased the price of petrol by N20 per litre in August, moving its pump price from N1,250 to N1,270 at several outlets in Abuja.
With the latest adjustment, motorists in some parts of the FCT are now paying N1,345 per litre at NNPCL stations, while prices at other outlets range between N1,320 and N1,345.
The increase is likely to put additional pressure on transportation fares and household expenses, while businesses may also face higher operating costs.
