The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, despite the Dangote Refinery’s free petrol delivery initiative and a decline in crude oil prices.
A market survey conducted in Abuja and its environs on Tuesday showed that NNPCL retail outlets had adjusted their petrol price to N1,270 per litre from N1,250.
The latest adjustment represents a N20 increase per litre at the state-owned filling stations.
NNPCL increases pump price
The new price means motorists purchasing petrol from NNPCL outlets in Abuja and surrounding areas will now pay more for the commodity.
The increase comes amid recent movements in the downstream petroleum market, with different filling stations selling petrol at varying prices across the Federal Capital Territory.
The development has further widened the price differences among filling stations operating in Abuja and its environs.
Dangote expands free delivery initiative
The NNPCL price increase comes despite the Dangote Refinery’s expansion of its free petrol delivery initiative to 10 destinations across Nigeria, including Abuja.
Under the initiative, petrol is reportedly supplied at N1,185 per litre, putting the price below that of NNPCL outlets.
The development is expected to intensify competition among fuel marketers and provide motorists with more options as filling stations adjust their prices based on supply conditions.
MRS also raises petrol price
MRS filling stations have also increased their petrol pump price, with the company raising its rate by N20 to N1,230 per litre.
Following the latest adjustments, NNPCL’s petrol price is now between N15 and N40 per litre higher than prices offered by MRS, Geregu, Ranoil, Emedab, Mobil and other filling stations in Abuja and neighbouring areas.
However, some other outlets are selling above the NNPCL rate.
Fuel prices vary across Abuja
Filling stations operated by Empire and AA Rano were dispensing petrol at prices ranging from N1,275 to N1,299 per litre.
The latest market situation means motorists in Abuja and its environs are currently purchasing petrol at prices ranging from N1,230 to N1,299 per litre, depending on the filling station.
The differences in pump prices reflect the changing dynamics in the downstream petroleum market as suppliers and retailers respond to fluctuations in crude oil prices and local supply conditions.
Crude oil prices decline
The latest petrol price movement comes as international crude oil prices recorded significant declines.
At the time of the report, Brent crude was trading at about $88.80 per barrel, while West Texas Intermediate (WTI) stood at approximately $81.86 per barrel.
The combination of lower crude prices and increased domestic refining capacity continues to shape developments in Nigeria’s petrol market, with consumers closely monitoring pump price movements.
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