The Nigerian National Petroleum Company Limited has increased the pump price of Premium Motor Spirit, popularly known as petrol, from N1,270 to N1,345 per litre in parts of Abuja.
A market survey by The PUNCH on Monday showed that NNPCL filling stations along the Kurudu-Jikwoyi Expressway and other parts of the Federal Capital Territory had adjusted their pump prices to N1,345 per litre. The latest adjustment represents a N75 increase in the retail price of petrol by the state-owned oil company.
Checks by our correspondent also showed that some independent marketers had adjusted their prices, although the new rates varied across locations. At Optima Filling Station in Idu, petrol was being sold for N1,345 per litre.
A fuel attendant, who spoke on condition of anonymity, said the product was sold at N1,260 per litre last week. However, Ay Shafa Filling Station was dispensing petrol at N1,320 per litre, the same price observed at Eterna Filling Station in Kubwa and some other outlets across the capital.
The latest increase comes shortly after Dangote Petroleum Refinery raised its gantry price of petrol by N65, from N1,200 to N1,265 per litre. The adjustment by the refinery is expected to put further pressure on retail prices as marketers contend with rising landing and depot costs.
The development also comes amid concerns over the rising volume of imported petrol into the country despite the increasing domestic refining capacity. Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that petrol imports rose to 43.3 per cent in July.
The surge in imports has heightened concerns within the domestic refining industry, with the Dangote refinery previously warning that it could restrict petrol sales to importers and marketers if the trend continued. The refinery has maintained that rising petrol imports could undermine investments in local refining and make it difficult for domestic producers to compete effectively.
The latest pump price increase is the second major adjustment NNPCL made in August. Recall that NNPCL increased its petrol price by N20 per litre earlier in August, raising the price from N1,250 to N1,270 per litre at several of its retail outlets in Abuja. With the latest N75 increase, motorists in parts of the Federal Capital Territory are now paying as much as N1,345 per litre for petrol at NNPCL outlets, while prices at other filling stations range between N1,320 and N1,345.
The development is expected to further increase transportation costs and add pressure to households and businesses already grappling with high operating expenses.
