Fuel Price Shock: NNPCL Raises Petrol to N1,299 in Lagos, N1,345 in Abuja

The Nigerian National Petroleum Company Limited (NNPCL) has raised the retail price of Premium Motor Spirit (PMS), popularly known as petrol, with motorists in Lagos now facing a pump price of ₦1,299 per litre, while some NNPCL stations in Abuja are selling the product for as much as ₦1,345 per litre.

The latest adjustment represents another significant movement in Nigeria’s already volatile downstream petroleum market, with consumers entering September facing higher fuel costs. The new prices have been observed at NNPCL outlets in different locations, although pump prices continue to vary from one station and city to another.

In Abuja, the increase has been particularly pronounced. NNPCL stations in areas including Gwarinpa, Wuse Zones 4 and 6, and along the Kurudu-Jikwoyi Expressway were reported to have adjusted their pumps to ₦1,345 per litre, up from the previous NNPCL price of ₦1,270.

The Abuja adjustment therefore amounts to an additional ₦75 per litre, coming only days after NNPCL had increased its price from ₦1,250 to ₦1,270 per litre. This makes the latest move the company’s second major petrol price adjustment recorded in August.

Lagos has also recorded a fresh increase, with reports putting the current NNPCL retail price at ₦1,299 per litre. The Lagos rate is being reported alongside the higher Abuja price as part of a broader round of upward adjustments across the downstream market.

The latest retail increases have been linked to rising wholesale and depot costs, following a series of adjustments by the Dangote Petroleum Refinery. The refinery reportedly raised its petrol gantry price three times within a short period, eventually taking it from ₦1,200 to ₦1,265 per litre.

The impact has not been limited to NNPCL outlets. Several independent marketers have also reviewed their pump prices upwards, although the increases differ according to location and supplier. Some stations in Abuja, for instance, were reported to be selling petrol at around ₦1,320 per litre rather than the ₦1,345 charged at some NNPCL outlets.

The development is expected to increase pressure on motorists, transport operators and businesses that rely heavily on petrol-powered vehicles and generators. Higher fuel expenses typically feed into transportation costs and the distribution expenses associated with moving food and other goods across the country.

The latest hike is also occurring amid concerns about the volume of imported petrol entering Nigeria despite increased domestic refining capacity. Data cited from the Nigerian Midstream and Downstream Petroleum Regulatory Authority indicated that petrol imports accounted for 43.3 per cent of supply in July, raising fresh concerns within the domestic refining sector.

For Nigerian consumers, the immediate concern is how far the latest increase could push transportation fares and the prices of everyday commodities. With pump prices continuing to respond to changes in wholesale costs and market conditions, motorists and businesses are likely to remain under pressure as the new fuel-price regime takes effect across different parts of the country.