The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of Premium Motor Spirit (PMS), widely known as petrol, in its retail outlets, sparking renewed concerns over transportation and inflationary pressure.
Checks at some NNPC stations on Monday confirmed the upward adjustment, with prices rising to ₦915 per litre in Lagos and ₦955 per litre in Abuja.
In Lagos, some of the company’s outlets reflected a price change from ₦865 to ₦915. In the Federal Capital Territory, motorists were greeted with a revised price of ₦955 per litre at some outlets, up from the previous ₦890.
The increase comes despite recent efforts to stabilize prices in the downstream sector. Only last month, Dangote Refinery reduced its ex-depot price from ₦840 to ₦820 per litre in a bid to ease market pressure.
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According to the National Bureau of Statistics (NBS), average PMS prices in June ranged from ₦950.60 to ₦987.86 across states, with Jigawa, Ondo, and Lagos recording the highest rates, while Yobe, Kogi, and Imo posted the lowest.
This latest hike by NNPC is expected to impact transport fares and living costs, adding to inflation concerns as stakeholders continue to track pricing trends driven by domestic refining output and import parity benchmarks.