NNPCL Raises Petrol Price to N1,345 in Abuja

(NNPCL. Photo Credit: Nigeria Stories)

The state-owned oil company has raised petrol prices again in parts of Abuja.

The Nigerian National Petroleum Company increased the pump price from N1,270 to N1,345 per litre at its filling stations, particularly along major roads in the Federal Capital Territory.

That's a jump of N75 per litre.

Independent fuel retailers have followed suit, though prices vary across locations.

Some stations are selling at N1,345, others at N1,320, while a few remain at different rates depending on where they operate.

The price rise came after Dangote Petroleum Refinery hiked its own petrol price by N65 per litre, moving from N1,200 to N1,265.

Retailers buying from refineries now face higher costs, which they pass on to customers at the pump.

The timing is particularly troubling because Nigeria is importing more petrol than ever, despite having local refineries.

In July, imported petrol made up 43 percent of supply, a concerning trend for the local refining industry.

Dangote has warned it might stop selling to fuel importers and marketers if this continues, saying the surge in imports threatens to kill domestic refining investments and makes it hard for local producers to compete.

This is the second major price increase NNPCL has made in August alone.

Earlier in the month, they raised prices by N20 per litre. Combined, these moves push motorists to pay as much as N1,345 per litre at some stations.

Higher fuel costs mean transport prices will climb and households and businesses already struggling with expensive operations will face even more pressure.