NNPCL Raises Petrol Price to N1,270 Amid Price Variations

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), or petrol, to N1,270 per litre from N1,250, marking a N20 increase. This adjustment was observed on Tuesday in Abuja and surrounding areas.

The price hike occurs despite the Dangote Refinery's initiative, which supplies petrol at N1,185 per litre, and aims to enhance competition among fuel marketers. MRS filling stations have also raised their petrol price by N20 to N1,230 per litre.

Consequently, petrol prices across Abuja now range from N1,230 to N1,299 per litre, depending on the filling station. The price variations reflect the changing dynamics in the downstream petroleum market, influenced by fluctuations in crude oil prices, which have recently declined, with Brent crude trading at about $88.80 per barrel and West Texas Intermediate at approximately $81.86 per barrel.