NNPCL has increased the price of petrol by ₦85 per litre, adding fresh pressure on Nigerian motorists and households as fuel prices rise across several locations.
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦85 per litre, triggering another round of price adjustments across filling stations in Nigeria.
The latest increase follows the recent decision by Dangote Petroleum Refinery to raise its petrol gantry price from ₦1,265 to ₦1,350 per litre, representing an ₦85 increase. The adjustment came amid a sharp rise in international crude oil prices, with Brent crude trading above $100 per barrel.
Following the refinery's adjustment, fuel marketers began reviewing their retail prices, with several filling stations recording significant increases.
NNPCL outlets in parts of the country have consequently adjusted their pump prices, while other marketers have also raised their rates. Reports indicate that petrol is now selling within the ₦1,395 to ₦1,430 per litre range at some filling stations.
The latest development represents another increase in the cost of petrol for motorists and businesses already dealing with elevated transportation and operating expenses.
The Dangote Refinery's latest adjustment is its fourth reported petrol price increase since August 21, taking its gantry price from ₦1,165 to ₦1,350 per litre within 22 days. The cumulative increase during the period amounts to ₦185 per litre.
The upward movement in petrol prices has been linked partly to developments in the international oil market. Rising crude prices increase the cost of crude oil and can place additional pressure on the domestic petroleum supply chain.
The latest adjustment is also coming at a time when Nigerians are already facing pressure from the rising cost of transportation, food distribution and other essential goods and services. Higher petrol prices typically translate into increased logistics costs for businesses and transport operators.
The development has renewed concerns over the impact of fuel price increases on household budgets, particularly for Nigerians who depend heavily on road transportation.
The latest increase also highlights the continuing sensitivity of Nigeria's deregulated downstream petroleum market to changes in crude oil prices and other supply costs.
With international oil prices remaining elevated, consumers and businesses will be watching closely to see whether further increases occur in the coming days.