The Nigerian National Petroleum Company Limited, NNPCL has increased its Premium Motor Spirit, PMS pump price despite the Dangote Refinery’s free petrol delivery initiative and declining crude oil prices.
A market survey by Nigerian Newssphere on Tuesday, showed that NNPCL retail outlets in Abuja and its environs had raised their petrol price to N1,270 per litre from N1,250.
The latest adjustment represents a N20 per litre increase by the state-owned oil company.
NNPCL’s price hike comes despite the Dangote Refinery expanding its free petrol delivery initiative to 10 destinations across Nigeria, including Abuja, where its petrol is supplied at N1,185 per litre.
Earlier, MRS filling stations also increased their petrol price by N20 to N1,230 per litre.
Following the latest price movement, NNPCL petrol is now between N15 and N40 per litre more expensive than prices at MRS, Geregu, Ranoil, Emedab, Mobil and other filling stations in Abuja and its environs.
However, some filling stations, including Empire and AA Rano, sell petrol at between N1,275 and N1,299 per litre, above the NNPCL price.
Consequently, petrol prices in Abuja and its environs currently range between N1,230 and N1,299 per litre.
Nigerian Newssphere reports that Brent crude and West Texas Intermediate (WTI) had dropped significantly to $88.80 and $81.86 per barrel, respectively, at the time of filing this report.
