The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), also known as petrol, to N1,270 per litre at its filling stations in Abuja and nearby areas.
A market check carried out on Tuesday showed the state-owned oil firm raised the price from N1,155 per litre, an increase of N115 per litre.
The latest price review comes as Nigeria’s downstream petroleum market continues to experience changes, with depot prices shifting and fuel marketers repeatedly adjusting pump prices.
The increase is likely to add more financial strain on motorists, transport operators and businesses that depend heavily on fuel for their daily activities.
Visits to several NNPCL filling stations in Abuja confirmed that motorists were buying petrol at the new price of N1,270 per litre.
The latest adjustment follows several price changes across the downstream sector in recent weeks as marketers react to changing supply costs and market conditions.
NNPCL’s new price is among the biggest increases recorded in recent days and is expected to shape pricing decisions by other fuel retailers across the country.
Many motorists were surprised by the increase, with some saying they had to buy less fuel because of the higher price.
The new pump price also shows the continued effect of market-based pricing under Nigeria’s deregulated petroleum sector, where fuel retailers regularly adjust prices to reflect changes in supply costs.
