- NNPCL Raises Petrol Price to ₦955/Ltr in Abuja.
- Dangote Refinery’s ex-depot hike drives market adjustments.
- Prices surge as global oil trends and OPEC+ output shape costs.
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS) to ₦955 per litre across its retail outlets in Abuja and several states.
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EKO HOT BLOG reports that checks on Monday showed NNPCL stations along the Kubwa Expressway, Wuse, and other parts of Abuja adjusted their meters from ₦890 to ₦955 per litre. Similar price hikes were recorded in Kogi and Nasarawa states, reflecting a ₦65 increase.
This follows last weekend’s adjustments by independent petroleum marketers, who raised pump prices in Abuja to between ₦950 and ₦971 per litre. Their decision was linked to the recent upward review of the ex-depot price by Dangote Refinery, which now sells petrol at ₦858 per litre, up from ₦820.
In Kwara State, petrol prices also surged, with some stations in Ilorin selling between ₦870 and ₦885 per litre, while others went as high as ₦910 per litre.
Analysts had earlier predicted that petrol prices could hit ₦900 per litre if global crude oil prices remained around $70 per barrel.
The latest hike coincides with OPEC+’s decision to raise oil production by 547,000 barrels per day for September, a move that has influenced global market dynamics.
NNPCL has maintained that the price adjustment reflects current market realities, insisting it is not operating at a loss despite public concerns over rising fuel costs.
