The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol or fuel, by ₦115 per litre.
This development was observed following a market survey carried out by newsmen across retail outlets in Abuja and surrounding areas.
The feedback shows that the NNPC raised the price from ₦1,155 to ₦1,270 per litre.
The latest adjustment comes amid continued uncertainty in Nigeria’s downstream petroleum sector and follows recent increases in fuel prices by depot operators and marketers.
Plateau News reports that the move comes days after Dangote Refinery dumped its naira pricing template and embraced a dollar-denominated template.
The new pricing template, which took effect on Monday, also reviewed benchmark prices for Automotive Gas Oil (diesel) and aviation fuel, signaling a major shift in the refinery’s commercial operations.
The development is expected to reshape pricing dynamics in Nigeria’s deregulated downstream petroleum sector, where the 650,000-barrels-per-day refinery has become the country’s largest supplier of refined petroleum products.
Based on the move, petroleum products retailers and marketers have warned that Nigerians could soon begin buying Premium Motor Spirit (PMS), popularly known as petrol, diesel and other refined petroleum products in United States dollars if the federal government fails to restore the naira-for-crude arrangement with Dangote Refinery.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, gave the warning at the weekend.