The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, to ₦1,270 per litre at its retail outlets in Abuja and surrounding areas.
The latest adjustment represents a ₦115 increase from the previous price of ₦1,155 per litre, according to observations from filling stations on Tuesday.
The price hike comes amid growing uncertainty in the downstream petroleum sector, with several NNPCL and MRS filling stations in the Federal Capital Territory reportedly suspending sales, while other marketers also adjusted their pump prices.
Industry sources indicate that petroleum depot owners and marketers have raised ex-depot prices twice within the past week, contributing to the latest increase at retail outlets.
The development follows the recent decision by Dangote Refinery to resume the sale of refined petroleum products in United States dollars, a move that has continued to influence pricing trends in the downstream oil market.
The latest increase is expected to further impact transportation costs and the prices of goods and services as consumers adjust to the higher cost of petrol.
