The Nigerian National Petroleum Company Limited (NNPCL) has officially increased the pump price of Premium Motor Spirit (PMS), also known as petrol, from N890 to N955 per litre across its retail outlets.
The new pricing has been observed at several NNPCL stations, including locations along Kubwa Expressway, Wuse, and other parts of Abuja, as well as stations in Kogi and Nasarawa States. This adjustment reflects a N65 increase per litre, sparking concerns among commuters and consumers already grappling with the economic strain.
The price hike follows moves by independent marketers, who over the weekend adjusted their pump prices to between N950 and N971 per litre across Abuja. Their decision was reportedly influenced by an increase in the ex-depot price from the Dangote Refinery, which recently raised its PMS rate from N820 to N858 per litre.
What This Means:
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The latest increase is expected to worsen inflation and raise transportation and logistics costs, especially in urban centers.
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Fuel scarcity and pricing inconsistencies may continue if the trend of frequent depot adjustments persists.
While the NNPCL is yet to issue an official public statement explaining the reason behind the hike, analysts believe rising crude oil prices, foreign exchange instability, and supply chain constraints could be contributing factors.
As Nigerians brace for the ripple effects of this development, many are calling for more transparency and a robust pricing framework to stabilize the domestic fuel market.
