Retail outlets owned by the Nigerian National Petroleum Company Limited (NNPCL) have raised the pump price of Premium Motor Spirit, also known as petrol, from N965 to N990 per litre in the Federal Capital Territory.
On Tuesday, the new price template was implemented nationwide, increasing the NNPCL price in Lagos from N925 to N960 per litre.
Checks by our correspondent at some of the filling stations indicated that the price has been adjusted.
The amount is N20 or 2.1 per cent more than the N970 retail price announced by the Dangote Refinery in partnership with MRS filling station, Ardova, and Heyden.
The price adjustment reflects ongoing market dynamics and aligns with the petroleum sector’s deregulation policy, which allows prices to fluctuate based on supply and demand.
This increase follows recent developments in the sector, including the commencement of loading operations at the Dangote Refinery, expected to reshape the fuel supply chain in Nigeria.
On Friday, petrol pump prices rose to between N1,050 and N1,150 per litre following the hike in the commodity cost by the Dangote Petroleum Refinery and various depot owners.
The $20bn plant raised its PMS from N899/litre to N955/litre at its loading gantry.
Dealers confirmed that PMS prices would continue to rise since the major component in fuel production, crude oil, has been on the upward swing lately.
At an NNPCL outlet at Airport Junction, Abuja, our correspondent observed that the station sold at N990 per litre from N965 it sold on Monday.
Another station at Life Camp listed its products at N970 per litre but was not selling to waiting for customers when our correspondent visited.
Another station at Mabuchi was still selling at its previous price of N965 per litre.
Meanwhile, major and independent marketers have increased petrol prices to a peak cost of N1,030 per litre.
Checks by our correspondent showed that filling stations located along Airport Road, Central Area, and Nyanya increased their retail cost between N990 and N1,030 per litre.
