By Joy Yesufu
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, by N20 per litre at its retail outlets in Abuja and neighbouring areas.
A market survey conducted on Tuesday showed that NNPCL filling stations were selling petrol at N1,270 per litre, up from N1,250 previously.
The latest adjustment came amid increased competition in the downstream petroleum market, with some private retailers selling petrol below the new NNPCL price.
The development also coincided with Dangote Refinery’s expansion of its petrol delivery initiative to 10 locations across the country, including Abuja.
Under the initiative, the refinery is offering petrol at N1,185 per litre, with delivery to the designated locations covered under the arrangement.
Following the NNPCL adjustment, its petrol is now about N15 per litre more expensive than the N1,255 price at some competing outlets, while the difference is wider at stations selling at lower prices.
MRS filling stations, for instance, had earlier increased their pump price by N20 to N1,230 per litre.
Other retailers surveyed in Abuja and its environs were selling petrol at varying prices, with some outlets dispensing the product at between N1,275 and N1,299 per litre.
The survey indicated that petrol prices across the Federal Capital Territory and surrounding areas currently range between N1,230 and N1,299 per litre, depending on the retailer and location.
The latest NNPCL adjustment comes amid fluctuations in international crude oil prices, a major benchmark for the economics of refined petroleum products.
At the time of filing this report, Brent crude was trading at about $88.80 per barrel, while West Texas Intermediate (WTI) was quoted at approximately $81.86 per barrel.
The movement in pump prices highlights the increasingly competitive nature of Nigeria’s downstream petroleum market following the expansion of domestic refining capacity and the deregulation of petrol pricing.
