NNPC increases petrol price

The Nigerian National Petroleum Company Limited (NNPCL) has implemented a nationwide increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol.

In Abuja, the price has risen from ₦965 to ₦990 per litre, while in Lagos, it now costs ₦960 per litre, up from ₦925 per litre.

This development, which took effect on Tuesday, reflects market-driven pricing under Nigeria’s deregulated petroleum sector. The adjustment also aligns with recent changes in supply chain operations, particularly following the commencement of loading activities at the Dangote Refinery.

A visit to several NNPCL outlets by our correspondent confirmed the price hike, with stations adjusting their pump prices accordingly. At Airport Junction, Abuja, petrol was being sold for ₦990 per litre, while another station in Life Camp displayed a rate of ₦970 per litre but was not dispensing fuel to waiting customers. At Mabuchi, the price remained at ₦965 per litre at the time of the visit.

This increase comes just days after Dangote Refinery raised its petrol ex-depot price from ₦899/litre to ₦955/litre, prompting retail prices to surge between ₦1,050 and ₦1,150 per litre in various locations. Dealers have warned that petrol prices are likely to continue climbing due to the rising cost of crude oil, a key factor in fuel production.

Industry stakeholders note that deregulation allows fuel prices to fluctuate in response to global oil prices and domestic market conditions, signaling potential further adjustments in the coming weeks.