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Retail pump prices for Premium Motor Spirit (PMS), commonly known as petrol, have increased significantly across filling stations in Nigeria on Monday, August 31, 2026.
The fresh upward adjustment follows a series of price reviews by the Dangote Petroleum Refinery, which raised its gantry price to ₦1,265 per litre, effective August 29, representing a ₦65 increase from its previous ₦1,200 rate.
Field checks across major commercial hubs show that major downstream outlets such as MRS, Pinnacle, and Mobil in Lagos and neighboring South-West states have adjusted their retail pump prices to sell between ₦1,310 and ₦1,315 per litre, up from ₦1,205 per litre recorded last week.
In Abuja, the Federal Capital Territory (FCT), retail stations operated by the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers like AY Shafa have raised pump rates to ₦1,270 per litre, while other independent outlets such as Optima, AA Rano, and Empire are retailing petrol between ₦1,300 and ₦1,400 per litre.
Across regional depots monitored at the close of the week, PMS prices remained elevated, with Warri recording depot prices at ₦1,217 per litre, Port Harcourt at ₦1,214 per litre, and Calabar between ₦1,203 and ₦1,205 per litre, before marketers incorporated new loading rates.
Reacting to the developments, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, noted that downstream operators were forced to review retail rates to align with rising replacement costs.
Energy analysts point out that domestic petrol prices continue to diverge from international crude benchmarks—where Brent crude dipped to around $88 per barrel—driven instead by local refining costs, transportation overheads, and market logistics.
Transport operators and commuters in major urban centers have already reported noticeable fare increases as commercial drivers adjust to the higher fueling costs.
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