Breaking: NNPCL hikes petrol price across retail outlets amid fresh supply pressures

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, across its retail outlets, intensifying the strain on consumers already grappling with high transportation and living costs.

Findings on Monday revealed that NNPCL filling stations in Abuja have adjusted their pump prices from N890 to N955 per litre, marking a N65 per litre increase. The revised pricing has taken effect at major retail outlets located along Kubwa Expressway, Wuse, and other strategic locations across the Federal Capital Territory.

Similar price adjustments have been observed in other states, including Kogi and Nasarawa, indicating a widespread implementation of the new rate across NNPCL’s retail network.

This development trails the recent spike in pump prices at independently-owned filling stations in Abuja and surrounding areas over the weekend. Several independent marketers had raised their petrol prices to between N950 and N971 per litre, citing rising ex-depot costs.

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Sources within the downstream oil sector disclosed that the price surge was triggered by a new ex-depot rate announced by Dangote Petroleum Refinery, which increased its wholesale petrol price from N820 to N858 per litre.

The adjustment at the source left marketers with little choice but to transfer the added cost to consumers at the pump.

The hike is the latest blow to consumers already enduring economic hardship in the wake of prolonged fuel subsidy removal, rising inflation, and persistent naira devaluation. For many Nigerians, the increase in pump price will further escalate transport fares, food prices, and overall cost of living.

Transport operators in Abuja have begun reviewing fares upward in response to the hike, while some intra-city drivers have temporarily suspended operations to reassess cost implications.

“It’s frustrating that such a major price increase is being implemented without any formal announcement or justification from NNPCL,” said Emeka Okoye, a public affairs analyst. “Transparency is critical when citizens are being asked to make sacrifices.”

With international oil prices hovering above $85 per barrel and the naira struggling in the foreign exchange market, industry experts have warned that the upward trend in fuel prices may persist if the current economic dynamics remain unchanged.

Energy analyst Bisi Adewale noted, “As long as we continue to rely on market-based pricing and suffer from forex instability, pump prices will keep climbing. The Dangote refinery may be producing locally, but it’s still pegging its prices to global benchmarks and import-parity values.”