NNPCL Raises Petrol Price to ₦1,430 Per Litre

On Tuesday, the Nigerian National Petroleum Company Limited (NNPCL) increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to between ₦1,395 and ₦1,430 per litre at its retail outlets in Abuja and surrounding areas. This adjustment reflects an upward price change of ₦50 to ₦80 per litre.

The new prices are now effective at various NNPCL outlets, including Airport Junction, Gwarinpa, Kubwa Expressway, and Wuse Zone 4. Additionally, Dangote Petroleum Refinery recently raised its gantry price for PMS by ₦85 per litre, increasing the price from ₦1,265 to ₦1,350, which is a 6.7 percent rise.

The current price adjustments are attributed to a significant increase in international crude oil prices and higher costs associated with replacing petroleum products, with the landing cost of PMS now at ₦1,311 per litre. This latest price change reverses Dangote's previous decision to maintain its Lagos PMS price amid rising market pressures.