NNPCL Raises Petrol Price to N1,270 per Liter

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol to N1,270 per liter, marking a rise of N115 per liter from the previous price of N1,155 per liter. This adjustment was confirmed through market surveys conducted on Tuesday in Abuja and surrounding areas.

The increase comes amid renewed volatility in Nigeria's downstream petroleum sector, where depot prices have been fluctuating significantly. NNPCL's review of prices is a response to changing supply costs, and it is expected to influence fuel retail prices across the country.

Motorists have expressed surprise at the increase, which may force them to reduce the quantity of fuel purchased. Additionally, some NNPCL filling stations in Abuja temporarily suspended fuel sales due to uncertainties surrounding supply prices.

The latest price adjustment follows a period of rapid price movements in the downstream market, with depot owners reportedly increasing ex-depot prices twice in a week, necessitating retail price reviews.