The Nigerian National Petroleum Company Limited (NNPCL) has increased its retail pump price for Premium Motor Spirit (PMS), commonly known as petrol, across Abuja and adjacent areas, defying easing global crude oil benchmarks and market supply initiatives.
A market survey revealed that the national oil company retail stations adjusted their pump price upward by ₦20, moving from ₦1,250 to ₦1,270 per litre.
The upward adjustment comes despite recent cost-reduction moves in the domestic market, notably Dangote Petroleum Refinery’s rollout of a free distribution initiative across ten strategic Nigerian hubs including Abuja where fuel is supplied at ₦1,185 per litre.
The price increase also runs contrary to recent international market trends, where global crude oil benchmarks experienced downward pressure, with Brent and West Texas Intermediate (WTI) trading lower at $88.80 and $81.86 per barrel, respectively.
NNPC Ltd stations are now between ₦15 and ₦40 per litre more expensive than several major and independent retail chains, including MRS, Geregu, Ranoil, Emedab, and Mobil.