The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of Premium Motor Spirit (PMS), also known as petrol, to ₦915 per litre in Lagos and ₦945 per litre in Abuja, sparking fresh concerns over fuel affordability nationwide.
This marks a ₦45 increase from the previous ₦870 in Lagos, and a ₦35 hike from ₦910 in Abuja. Several NNPC retail outlets in both cities have already adjusted their pumps to reflect the new prices.
The new price regime is not exclusive to NNPC outlets. Major and independent marketers have also followed suit, with MRS Oil Nigeria Plc—a strategic partner of Dangote Refinery—raising its pump price to ₦925 in Lagos, up from ₦875, while TotalEnergies set its new price at ₦910 per litre.
These increases come in the wake of Dangote Refinery’s June 21 announcement raising its ex-depot price from ₦820 to ₦880 per litre, citing operational scaling and logistics expansion. The ex-depot price reflects the wholesale cost at which marketers purchase fuel before retailing it to consumers.
The ripple effect across retail pricing highlights ongoing volatility in Nigeria’s downstream petroleum market, as stakeholders adjust to market-driven pricing mechanisms following the removal of fuel subsidies in 2023.
