The Nigerian National Petroleum Company (NNPC) Limited has raised the price of premium motor spirit (PMS), commonly known as petrol, across its retail outlets. As of Wednesday, the new price has surged to N998 per litre in Lagos, up from N855 per litre set in September.
At NNPC retail outlets on Ago Palace Way, Okota, and Second Rainbow along Apapa Expressway, customers now see the price fixed at N998 per litre. In Abuja, the cost at the Wuse Zone 4 NNPC station is even higher, selling at N1,003 per litre.
Private filling stations have also begun adjusting their prices in response to NNPC’s increase. Notably, a Mobil filling station on College Road, Ogba, has aligned its prices with those of NNPC.
This price hike follows recent developments as NNPC commenced petrol lifting at the Dangote Petroleum Refinery’s gantry after prolonged price negotiations. On September 15, NNPC indicated that petrol was purchased from Dangote Refinery at N898 per litre. However, the Dangote refinery refuted this claim, labeling it as “both misleading and mischievous.”
Subsequently, NNPC announced estimated pump prices based on the pricing set by the Dangote Refinery, stating that petrol would be sold at N950 in Lagos and N999 in Abuja. The latest price changes come amidst a fluctuating supply environment and ongoing adjustments in the Nigerian oil market.
