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Petrol pump prices have increased across Nigeria following a recent upward price adjustment by the Dangote Petroleum Refinery and rising global crude oil costs.
Effective over the weekend, Dangote Petroleum Refinery raised its Premium Motor Spirit (PMS) gantry price by 6.7 percent, moving from N1,265 to N1,350 per litre. The coastal price was similarly revised upward to N1,783,530 per volume contract.
In response to the higher wholesale acquisition costs, major energy distributors and retail filling stations adjusted their pump prices upward across key cities:
• NNPC Retail Stations: Retail outlets operated by NNPC Limited updated their pump price to N1,375 per litre from the previous N1,275 rate.
• Major Marketers (MRS, Optima, Pinnacle): Outlets under major marketing networks like MRS updated selling rates to N1,400 per litre in Lagos and surrounding areas.
• Independent Marketers: Independent filling stations are dispensing fuel between N1,395 and N1,430 per litre depending on the state, logistics overheads, and proximity to regional depots.
Regional price dynamics indicate that motorists in Lagos and southwest coastal states are purchasing petrol between N1,350 and N1,400 per litre, whereas inland regions including Abuja, the North-Central, and Northern states record retail figures ranging from N1,395 to N1,430 per litre due to inland transport adjustments.
Industry analysts attribute the price pressure to international crude oil benchmarks exceeding $100 per barrel alongside elevated landing costs across domestic distribution channels.
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