The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of petrol to N1,270 per litre at its retail outlets in Abuja and surrounding areas.
A market survey conducted on Tuesday showed that the state-owned filling stations increased the price by N20 from the previous N1,250 per litre.
The latest adjustment comes despite falling international crude oil prices and an expanded free petrol delivery initiative by the Dangote Refinery.
The Dangote Refinery recently expanded its free petrol delivery programme to 10 destinations across Nigeria, including Abuja, where its petrol is reportedly supplied at N1,185 per litre.
The development has increased the price gap between NNPCL outlets and some other filling stations in the Federal Capital Territory and neighboring areas.
MRS filling stations had also increased their petrol price by N20 to N1,230 per litre, while other marketers continued to sell at varying prices depending on their locations and supply costs.
Following the latest adjustment by NNPCL, its petrol is now between N15 and N40 per litre more expensive than prices offered by some other major filling stations, including MRS, Geregu, Ranoil, Emedab and Mobil in Abuja and its environs.
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However, some independent outlets continue to sell petrol at prices above the NNPCL rate.
Empire and AA Rano filling stations, for instance, were selling petrol at between N1,275 and N1,299 per litre, according to the market survey.
The latest price movement means motorists and other consumers in Abuja and surrounding areas are currently purchasing petrol at prices ranging from N1,230 to N1,299 per litre, depending on the filling station.
The increase also comes amid a decline in international crude oil prices. At the time of the report, Brent crude was trading at about $88.80 per barrel, while West Texas Intermediate (WTI) stood at approximately $81.86 per barrel.
The contrasting movement between crude oil prices and domestic petrol prices is likely to keep attention focused on developments in Nigeria’s downstream petroleum market, particularly competition among refiners, marketers and retail outlets.
The Dangote Refinery’s expanding distribution initiative and price adjustments by major fuel retailers are expected to continue influencing petrol prices across different parts of the country.
DailyPost
