Abuja motorists woke up to another unpleasant surprise on Monday as the Nigerian National Petroleum Company Limited (NNPCL) raised the pump price of petrol to ₦1,345 per litre at some of its filling stations across the Federal Capital Territory.
For motorists who thought they had finally memorised the previous price, the petrol pump has apparently decided to introduce another revision.
Findings on Monday showed that NNPCL outlets in areas including Gwarinpa and Wuse Zones 4 and 6 were dispensing Premium Motor Spirit (PMS), commonly called petrol, at ₦1,345 per litre.
The new price represents an increase of ₦75 from the previous ₦1,270 per litre.
A staff member at one of the affected NNPCL stations confirmed the adjustment, requesting anonymity because they were not authorised to speak publicly on the matter.
“Our petrol pump price was raised to ₦1,345 per litre today (Monday),” the attendant said.
Abuja petrol stations join fresh price hike
The NNPCL adjustment did not arrive alone.
Several independent petroleum marketers had already reviewed their prices upwards over the weekend, meaning motorists were confronted with higher prices at different filling stations even before the latest NNPCL increase.
MRS, Ranoil, Empire Energy and other marketers reportedly raised their pump prices by between ₦20 and ₦80 per litre.
In other words, for motorists hoping that one station might offer a little relief, the search for cheaper petrol has once again become something of a roadside treasure hunt.
The latest round of increases has been linked to a rise in the ex-depot price of petrol by the Dangote Refinery.
The refinery reportedly increased its gantry price by ₦65, taking it from the previous level to ₦1,265 per litre.
That adjustment has subsequently put additional pressure on the prices being charged by marketers.
Why petrol prices keep moving
Beyond the latest price adjustment, another factor adding to the pressure is the growing volume of petrol being imported into Nigeria.
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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) reported that imported petrol accounted for 43.3 per cent of the country’s total petrol supply in July.
The development has become a source of concern for domestic refining interests, particularly the Dangote Refinery.
The refinery had previously threatened to restrict petrol sales to importers and marketers following what it described as a surge in imported petrol.
The situation has therefore created another layer in Nigeria’s increasingly complicated petrol market, where the price motorists pay at the pump can be influenced by refinery pricing, imports, supply dynamics and the decisions of individual marketers.
For motorists, however, the economics are considerably simpler.
When the price goes up, the money leaves the wallet faster.
And with NNPCL outlets in parts of Abuja now selling petrol at ₦1,345 per litre, drivers may once again have to adjust their budgets — and perhaps their travel plans — as the cost of keeping their vehicles on the road continues to rise.