The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦115 per litre, raising the retail price from ₦1,155 to ₦1,270 per litre.

Newsworld gathered that the new price took effect at NNPCL retail outlets in Abuja and neighbouring areas, where motorists were seen purchasing petrol at the revised rate during a market survey.

The latest increase comes amid continued uncertainty in Nigeria’s downstream petroleum sector and follows recent upward adjustments in ex-depot prices by marketers and depot operators.

The development also comes shortly after the Dangote Petroleum Refinery adopted a United States dollar-denominated pricing template, replacing its previous naira-based pricing system for refined petroleum products.

The new pricing structure, which took effect on Monday, also revised benchmark prices for Automotive Gas Oil (diesel) and aviation fuel, a move analysts say could significantly influence pricing across Nigeria’s deregulated petroleum market.

As the country’s largest refinery with a capacity of 650,000 barrels per day, the Dangote Refinery has become a major supplier of refined petroleum products, making its pricing decisions influential across the downstream sector.

Reacting to the development, petroleum marketers warned that Nigerians could eventually begin purchasing petrol, diesel and other refined petroleum products in United States dollars if the Federal Government does not restore the naira-for-crude supply arrangement with the Dangote Refinery.

The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, issued the warning over the weekend, urging the Federal Government to urgently address the situation to prevent further pressure on consumers and the economy.

The latest increase is expected to place additional financial strain on households and businesses already grappling with rising transportation costs, inflation, and the increasing cost of living across the country.