By Joy Yesufu
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, for the second time in less than 48 hours, raising fresh concerns over the rising cost of transportation and living across the country.
A market survey conducted on Wednesday showed that NNPC retail outlets in Abuja increased the price of petrol from ₦1,270 per litre to ₦1,335 per litre, representing an increase of ₦65 per litre.
The new price has already taken effect at several NNPC filling stations, including outlets in Wuse Zone 6 (Berger), Zone 4, and other parts of the Federal Capital Territory.
The latest adjustment comes barely a day after the state-owned oil company raised the pump price by ₦115 per litre, moving it from ₦1,155 to ₦1,270 per litre on Tuesday.
The fresh increase underscores the continued volatility in Nigeria’s downstream petroleum market, where pump prices have become increasingly responsive to developments in both domestic and international markets following the deregulation of the sector.
Industry observers attribute the latest adjustment to recent developments in the supply chain, including the Dangote Petroleum Refinery’s resumption of refined petroleum product sales in United States dollars, a move that has reshaped pricing dynamics in the domestic market.
The development also coincides with renewed pressure in the global energy market, as international crude oil prices climbed by nearly four per cent on Wednesday amid escalating geopolitical tensions and intensified airstrikes in the Middle East.
The latest price hike is expected to exert additional pressure on households and businesses already grappling with rising transportation costs and inflation.
