Retail outlets owned by the Nigerian National Petroleum Company Limited (NNPC Ltd) have effected an upward adjustment in the pump price of the Premium Motor Spirit, also known as petrol, to ₦945 per litre in the Federal Capital Territory on Monday.
It also adjusted its petrol pump price to ₦915 per litre at several of its Lagos retail outlets, marking a fresh upward shift in the downstream retail market.
The latest increase marks a fresh spike of ₦45 and ₦35 in Lagos and Abuja, respectively, up from the previous prices of ₦870 and ₦910 per litre.
The price adjustments come just days after the Dangote Petroleum Refinery increased its ex-depot price of petrol from ₦825 to ₦880 per litre, sparking an industry-wide response.
The new pricing was implemented across several NNPC-owned filling stations, intensifying the financial strain on consumers already grappling with high transportation and living costs.
At the NNPC retail outlet in the Federal Housing area of Kubwa, Abuja, the new price of ₦945 per litre was boldly displayed, with similar adjustments noted at the state-owned mega station along Obasanjo Way.
In Lagos, stations located in Igando and along the Badagry Expressway reflected the revised ₦915 per litre rate.
The ripple effect was also visible across private retail outlets. MRS filling stations, a strategic partner of the Dangote refinery, raised pump prices to ₦925 per litre in Lagos, up from ₦875.
TotalEnergies followed suit with a new price of ₦910, while other marketers like Oluwafemi Arowolo Petroleum in Iba pushed rates to ₦920 per litre.
Depot sources confirmed to The PUNCH that major supply hubs in Lagos, including Wosbab, Pinnacle, and NIPCO, have now set PMS ex-depot prices between ₦920 and ₦925 per litre as of June 23, citing rising upstream costs and international crude prices.
On the global front, the escalating conflict between the United States and Iran has continued to rattle the oil market, with analysts projecting that crude oil prices may soon cross the $80 per barrel threshold. A weekend airstrike reportedly carried out by U.S.-Israeli forces on Iranian nuclear sites has stoked fears of supply disruptions.
Concerned by this trend, independent marketers have warned that unless there’s a swift intervention, petrol prices could climb above ₦1,000 per litre in the coming weeks, driven by surging international oil prices and a weakening naira.
The recurring upward adjustments are likely to fuel inflationary pressures, with commuters, businesses, and households bearing the brunt of a deregulated but unstable petroleum market.
The PUNCH
