The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of Premium Motor Spirit, PMS, commonly known as petrol, for the second time in less than one week.
A market survey by Nigerian Newssphere on Monday showed that NNPCL filling stations in Gwarimpa, Wuse Zone 4, Wuse Zone 6 and other parts of Abuja had increased their petrol price to N1,345 per litre from N1,270.
The latest adjustment represents a N75 per litre increase by the state-owned oil company.
“Our petrol pump price was raised to N1,345 per litre today (Monday),” an NNPCL filling station attendant, who preferred anonymity, told Nigerian Newssphere.
Recall that reports that MRS, Ranoil, Empire Energy and other filling stations across Nigeria also increased their petrol prices by between N20 and N80 per litre over the weekend.
The latest petrol price hike comes amid an increase in the ex-depot price of petrol by the Dangote Petroleum Refinery.
Dangote Refinery increased its gantry petrol price by N65 to N1,265 per litre.
The development also comes as international crude oil prices surged, with Brent crude trading at $91.20 per barrel and West Texas Intermediate, WTI, at $86.32 per barrel.
Meanwhile, Dangote Refinery had threatened to restrict petrol sales to major marketers and importers that continue to bring petroleum products into Nigeria.
The threat came amid rising petrol imports, which accounted for 43.3 percent of total petrol supply in July, according to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA.
Nigerian Newssphere had reported that Dangote Refinery was considering restricting petrol sales to major marketers that continue to import petrol into Nigeria amid concerns over product quality, market transparency and the integrity of products supplied under the Dangote brand.
Recall that on August 25, NNPCL increased its petrol pump price by N20 per litre, from N1,250 to N1,270.
The latest adjustment means motorists in parts of Abuja are now paying N95 more per litre for petrol than they did before the two recent NNPCL price increases
