News Update

THE Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit, popularly known as petrol, at its retail stations.

A market check on Tuesday showed that NNPCL outlets in Abuja and nearby areas adjusted their petrol price from N1,155 per litre to N1,270 per litre.

The latest adjustment represents an increase of N115 per litre by the state-owned oil company.

The development comes as activities in Nigeria’s downstream oil sector continue to face uncertainty.

Some NNPCL and MRS filling stations in Abuja were reportedly shut, while other outlets reviewed their petrol prices upward on Monday.

The new price change follows recent increases by depot owners and petroleum marketers, who have adjusted their rates twice within a week.

The latest development also comes days after Dangote Refinery resumed the sale of refined petroleum products in dollars, a move that has raised concerns among industry players over the direction of fuel pricing in the country.