The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦960 per litre at its Lagos outlets. This adjustment follows a recent price increase by the Dangote Refinery, which raised its ex-depot price to ₦955 per litre.
The Dangote Refinery, which commenced loading operations in mid-September 2024, has significantly influenced the domestic fuel market. The refinery’s pricing strategy has led to market-wide adjustments, with NNPC revising its pump prices to reflect the new ex-depot rates.
In Abuja, the pump price has been adjusted to ₦990 per litre, while in Lagos, it stands at ₦960 per litre. These changes are part of NNPC’s efforts to align with current market realities and ensure the availability of petrol across the country.
The recent price adjustments have led to queues forming at various NNPC fueling stations, as consumers react to the impending hike in fuel prices. Despite the price increases, NNPC has assured Nigerians that the adjustments are necessary to maintain a steady supply of petrol nationwide.
