The Traffic

NNPCL Hikes Petrol Price to ₦955/Litre Amid Soaring Crude Costs and Depot Rates

Motorists across Abuja and parts of North-Central Nigeria woke up to a fresh hike in petrol prices on Monday, as the Nigerian National Petroleum Company Limited (NNPCL) raised the pump price of Premium Motor Spirit (PMS) to ₦955 per litre at its retail stations.

This adjustment, up from the previous ₦890 per litre, has already taken effect in major NNPCL outlets along the Kubwa Expressway, Wuse, and surrounding districts of the Federal Capital Territory. A similar ₦65 increase has been observed in Kogi and Nasarawa States.

The increase follows closely on the heels of weekend hikes by independent petroleum marketers and privately owned stations in Abuja, who had earlier raised their prices to between ₦950 and ₦971 per litre. According to industry insiders, this round of adjustments is driven by Dangote Refinery’s upward revision of its ex-depot price to ₦858 per litre — a jump from ₦820.

In Kwara State, the ripple effect is already being felt. Naija News confirmed that some stations in Ilorin are dispensing PMS at rates between ₦870 and ₦885 per litre, while others are charging as much as ₦910.

Market watchers had already predicted a surge in PMS prices, especially with crude oil prices hovering around $70 per barrel. Industry analysts warn that without intervention, pump prices could soon exceed ₦900 nationwide.

This latest increase comes at a time when the global oil landscape is experiencing a shift, with the OPEC+ alliance — a coalition of OPEC members and non-member producers — announcing plans to raise production quotas by 547,000 barrels per day starting in September.

With production output on the rise and refinery costs climbing, Nigerians are once again bracing for the economic impact of fuel price volatility.

By Haruna Yakubu Haruna