NNPCL Announces New Fuel Prices as Details Emerge

The Nigerian National Petroleum Company Limited (NNPCL) has adjusted the pump prices of Premium Motor Spirit (PMS), commonly known as petrol, following recent changes in the wholesale price of the commodity by the Dangote Refinery.

The latest adjustment has led to varying petrol prices across the country, reflecting differences in distribution and transportation costs under Nigeria’s deregulated downstream petroleum market.

In Lagos, petrol is currently selling at about ₦1,385 per litre at NNPCL retail outlets, while motorists in the Federal Capital Territory, Abuja, are paying approximately ₦1,430 per litre.

Prices are higher in some northern states, with petrol selling for as much as ₦1,456 per litre in Yobe State.

Regional Pump Prices
Lagos: ₦1,385 per litre
Abuja: ₦1,430 per litre
Yobe and some other northern locations: Up to ₦1,456 per litre

The latest price movement follows the Dangote Refinery’s review of its wholesale gantry prices, prompting corresponding adjustments across the downstream market.

Industry pricing remains influenced by market forces, including crude oil prices, refining costs, exchange-rate movements, transportation expenses and the deregulated nature of Nigeria’s petroleum market.

The variation in prices across regions is largely attributed to logistics and distribution costs, particularly the expense of transporting petrol from coastal refining and storage facilities to distant parts of the country.

The latest development means motorists in northern states continue to pay more for petrol than their counterparts in Lagos, where proximity to major petroleum infrastructure helps reduce distribution costs.

With petrol prices now determined largely by market conditions, further changes remain possible as refiners and petroleum marketers respond to movements in crude oil prices, supply conditions and operating costs.