The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), also known as petrol, by N115 per litre.
The increase was observed during a market survey conducted at NNPCL retail outlets in Abuja and nearby areas.
The new price rose from N1,155 per litre to N1,270 per litre.
The latest adjustment comes amid ongoing uncertainty in Nigeria’s downstream petroleum sector and follows recent fuel price increases by depot operators and independent marketers.
The price increase also comes a few days after Dangote Refinery introduced a dollar-denominated pricing system, replacing its previous naira-based pricing template.
The new pricing structure, which took effect on Monday, also revised the benchmark prices for Automotive Gas Oil (diesel) and aviation fuel, marking a major change in the refinery’s commercial operations.
The development is expected to influence fuel pricing across Nigeria’s deregulated downstream petroleum sector, where the 650,000-barrels-per-day Dangote Refinery is the country’s largest supplier of refined petroleum products.
Following the change, petroleum retailers and marketers have warned that Nigerians could eventually begin buying petrol, diesel and other refined petroleum products in United States dollars if the Federal Government does not restore the naira-for-crude arrangement with Dangote Refinery.
The warning was issued over the weekend by the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry.
