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NNPCL, independent stations now sell petrol at N955 in FCT
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Dangote-linked MRS offers slightly lower price at N885/litre
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Global benchmark and depot costs drive new price hike
The pump price of Premium Motor Spirit, commonly known as petrol, soared again to N955 per litre in the Federal Capital Territory on Monday, following coordinated adjustments by the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers in response to global market fluctuations.
At several filling stations across Abuja, including those operated by NNPCL and major independents, motorists queued to purchase fuel at the newly increased rate, marking a sharp rise from the previous N890 price.
The NNPCL officially raised the pump price at its retail stations to N955 — a N65 jump — in a move that aligned with broader pricing changes across the petroleum marketing sector.
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Despite the uniformity in the price increase, outlets associated with the Dangote Refinery partnership, particularly MRS, continued to sell slightly below the market average, dispensing petrol at N885 per litre.
However, market indicators suggest that Dangote Refinery’s ex-depot price had climbed to N858 per litre, up from N820, hinting at a looming upward review in retail prices from that corridor.
Industry sources said the NNPCL had been under pressure from private marketers who accused it of distorting the market by selling at unsustainable prices. By Monday, filling stations along key arteries such as Kubwa Expressway and Airport Road had adopted the N955 benchmark, a trend also observed across several northern states.
While the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) disclosed that local refineries currently produce about 15 million litres of PMS daily, depot supplies remain crucial.
In June alone, 455.2 million litres were delivered from refineries, while depots supplied a staggering 985.6 million litres — an 18.55 percent jump from the May figure of 1.22 billion litres.
The surge in local pump prices is tightly linked to global petrol price benchmarks. At the close of last week, the Platts benchmark for gasoline reached $979.75 per metric tonne, and with additional operational charges of $50 per MT, the total landing cost jumped to $1,025.75 per metric tonne.
This translated to a consistent daily rise in landing costs, from N848.18 per litre on July 22 to N890.98 by July 30.
This domestic price hike coincides with shrinking refined fuel exports to West Africa. Seasonal low demand due to the rainy season, which typically spans May to October, has reduced the gasoline flow into the region.
However, traders expect a possible rebound in supply to ports like Lome if freight conditions become more favourable in the coming weeks.
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International developments are also putting pressure on the regional market. On July 28, Russia imposed a temporary gasoline export ban to stabilise internal demand during its peak agricultural season.
The restriction, though not targeted at West Africa, is likely to affect global supply dynamics.
In contrast, diesel demand across West Africa has weakened due to seasonal factors.
According to S&P market reports, hydroelectric power has partially replaced the demand for diesel-fuelled generators during the rainy season, leading to a noticeable drop in consumption.
