The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦115 per litre across its retail outlets in Abuja and surrounding areas.
The latest adjustment raises the retail price from ₦1,155 per litre to ₦1,270 per litre, marking one of the most significant fuel price increases recorded in recent weeks.
The increase comes amid continued volatility in Nigeria’s downstream petroleum sector, where depot prices and retail pump prices have experienced frequent adjustments driven by market conditions under the deregulated pricing regime.
The new price has already taken effect at NNPCL filling stations in Abuja, while independent marketers are expected to review their own pump prices in response to the latest adjustment.
Industry analysts say the development is likely to trigger higher transportation costs, increased production expenses for businesses and further pressure on the prices of goods and services across the country. Commercial transport operators are also expected to review fares in response to the higher fuel cost.
The latest increase follows recent fluctuations in depot prices and renewed uncertainty in the downstream petroleum market, with marketers continuing to adjust prices in line with prevailing supply costs and market realities.
Many motorists have expressed concern over the development, noting that the higher pump price will further strain household budgets amid the rising cost of living. Economists also warn that sustained increases in fuel prices could contribute to inflation and increase the financial burden on consumers.
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