NNPCL makes fresh move on petrol price despite cheaper alternative

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The Nigerian National Petroleum Company Limited, NNPCL, has announced an upward adjustment in the pump price of Premium Motor Spirit, PMS, despite an ongoing free petrol distribution initiative by Dangote Refinery and a decline in global crude oil prices.

A market survey conducted by ZINGTIE on Tuesday, which was observed as an Eid-ul-Mawlid public holiday, revealed that NNPCL retail stations in Abuja and neighbouring areas had increased the price of petrol to N1,270 per litre.

The new price represents a N20 increase from the previous pump price of N1,250 per litre.

The latest adjustment means motorists patronising NNPCL-owned filling stations in the Federal Capital Territory and surrounding areas will now pay more for petrol.

The development comes despite Dangote Refinery’s expansion of its free petrol delivery programme to 10 locations across Nigeria, including Abuja, where the product is being offered at N1,185 per litre.

The latest NNPCL price adjustment is therefore expected to generate fresh reactions among motorists and other consumers already dealing with elevated fuel costs.

Earlier, MRS filling stations had also increased their petrol pump price by N20, bringing the cost to N1,230 per litre.

ZINGTIE reports that following the latest adjustments, petrol sold at NNPCL outlets is now between N15 and N40 per litre higher than prices offered by MRS, Geregu, Ranoil, Emedab, Mobil and other filling stations across Abuja and its environs.

However, some filling stations, including Empire and AA Rano, are selling petrol at higher prices ranging from N1,275 to N1,299 per litre.

The development means motorists and other consumers in Abuja and surrounding areas are currently purchasing petrol at prices ranging between N1,230 and N1,299 per litre, depending on the filling station.

ZINGTIE also reports that Brent crude and West Texas Intermediate, WTI, crude oil prices had fallen significantly to $88.80 and $81.86 per barrel, respectively, at the time of filing this report.

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