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The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, at its outlets in Abuja.
A market survey on Monday showed that NNPCL stations in Gwarimpa, Wuse Zones 4 and 6 and other parts of the Federal Capital Territory had adjusted the price of petrol to N1,345 per liter from the previous N1,270.
The latest adjustment represents an increase of N75 per liter by the state oil company.
NNPCL stations regulate the pump price
The attendant at an NNPCL filling station confirmed the latest increase.
The development is expected to further increase pressure on motorists and businesses already struggling with rising transport and operating costs.
Other marketers raise prices
The latest adjustment by NNPCL comes after several independent fuel marketers also revised their pump prices upwards over the weekend.
MRS, Ranoil, Empire Energy and other filling stations have reportedly increased petrol prices between N20 and N80 per litre.
The various adjustments reflect the latest changes in the downstream oil market amid movements in the cost of refined petroleum products.
Dangote refinery increases gantry price
The development also follows a hike in petrol prices by the Dangote refinery.
The refinery increased the portal price of petrol from N65 to N1,265 per litre.
The mega refinery had previously threatened to limit gasoline sales to fuel importers and retailers following a surge in oil imports.
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed that petrol imports increased to 43.3% in July.
Crude oil prices rise
The latest increases in petrol prices also occur in a context of rising international crude oil prices.
Brent crude rose to $91.20 a barrel, while West Texas Intermediate (WTI) crude settled at $86.32 a barrel.
On August 25, NNPCL had increased the price of petrol by N20, moving it from N1,250 to N1,270 per litre.
Monday’s adjustment thus marks another increase in the company’s retail gasoline price within a week.
