BREAKING: NNPCL increases fuel price by N75/Litre

The Nigerian National Petroleum Company Limited (NNPCL) has recently raised its Premium Motor Spirit (PMS) pump price by N75 per litre. This change in price took effect less than a week ago, with outlets in Gwarimpa, Wuse Zones 4 and 6, and other regions of Abuja increasing their prices from N1,270 to N1,345 per litre. A filling station attendant at one of NNPCL's stations, who wished to remain anonymous, informed DAILY POST about the recent price increase.

The state-owned oil company's decision to raise petrol prices comes amidst a surge in petrol imports, which accounted for 43.3 percent of total sales in July, according to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Dangote Refinery, a prominent refinery in Nigeria, also increased its petrol price by N65 per litre, now selling it for N1,265 per litre.

The recent price hikes for NNPCL, MRS, Ranoil, and Empire Energy come as Brent and West Texas Intermediate crude oil prices reached $91.20 and $86.32 per barrel, respectively. On August 25, NNPCL had previously increased its petrol price by N20 per litre, raising it from N1,250 to N1,270 per litre.