Nigerian National Petroleum Company increases fuel price

The Nigerian National Petroleum Company Limited (NNPCL) has raised the price of its Premium Motor Spirit (PMS) fuel, despite the Dangote Refinery's free petrol delivery program and declining crude oil prices. According to a market survey conducted by the DAILY POST on the public holiday of Eid-ul-Mawlid, NNPCL retail outlets in Abuja and its surrounding areas have increased their petrol pump price to N1,270 per litre, from N1,250 previously. This represents a N20 per litre increase for the state-owned filling stations.

The recent petrol price hike by NNPCL comes despite the Dangote Refinery's expansion of its free petrol delivery initiative to 10 locations across Nigeria, including Abuja, at a rate of N1,185 per litre. Before the latest price increase, MRS filling stations had raised their petrol price by N20 to N1,230 per litre.

After the latest fuel price move, NNPCL's petrol is now between N15 and N40 per litre more expensive than other major filling stations in Abuja, such as MRS, Geregu, Ranoil, Emedab, Mobil, and others. Consequently, Nigerians are now paying between N1,230 and N1,299 per litre for petrol across Abuja and its environs.

The prices of Brent and West Texas Intermediate (WTI) crude oil blends have also experienced a significant drop, falling to $88.80 and $81.86 per barrel, respectively, at the time of reporting.