The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS) across its retail outlets to ₦955 per litre for petrol.
According to reports, NNPCL retail outlets on Monday along the Kubwa Expressway, Wuse, and other parts of Abuja have adjusted their meters from ₦890 to ₦955 per litre.
Similarly, the new pump price has been implemented in several filling stations across Kogi and Nasarawa states, reflecting a ₦65 increment.
This development follows last weekend’s increase by independent petroleum marketers and filling station owners in Abuja, who adjusted their prices to between ₦950 and ₦971 per litre.
Their decision was attributed to the recent upward review of the ex-depot petrol price by Dangote Refinery to ₦858 per litre, up from ₦820.
There were indications that the price of petrol may hit ₦900 per litre this week if the price of crude oil continues to hover around $70 per barrel.
This development comes amid a decision by OPEC+, a group comprising non-members of the Organisation of the Petroleum Exporting Countries, to raise oil production by 547,000 barrels per day for September.
