NNPC Increases Petrol Price, Filling Stations Adjust Pumps to New Rate
- The NNPC Limited has decided to increase the pump price for Premium Motor Spirit (PMS) for Nigerians
- The new price follows changes announced by petrol importers and the Dangote Refinery amid the global oil price increase
- NNPC Limited retail outlets are now selling higher rate than the rate offered by Dangote refinery partners
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian National Petroleum Company (NNPC) increased the pump price of Premium Motor Spirit (PMS), also known as petrol, on Monday, August 4, 2025.
Checks by Legit.ng revealed that NNPC retail outlets in Lagos were dispensing fuel to motorists at N915 per litre.
Source: Getty Images
The new price for Lagos reflects a N50 increase when compared to the previous price of N865.
With the latest adjustment, NNPC retail outlets are now selling petrol above Dangote Refinery’s partner stations.
Adebayo, a fuel attendant along Egbeda Road, told Legit.ng that the new pump price was implemented on Monday morning.
He said:
“Over the weekend, our manager received instructions to adjust the pumps. This morning, we finally changed it to N915 per litre.
“I won’t lie, our level of patronage is low, as many other filling stations are yet to make adjustments and still sell lower than the NNPC.”
Why have fuel prices increased?
The changes in fuel prices follow the rise in global crude oil prices.
Data obtained from petroleumprice.ng showed that in response to the global changes, several depot operators, including Emadeb, Pinnacle, Swift, and Rainoil Lagos, raised their ex-depot prices.
Dangote also increased its price from N827 to N840.
Menj raised prices from N826 to N850, marking a 2.91% increase.
Similarly, Rainoil adjusted its rate from N830 to N850.
Emadeb recorded the highest single increase of N18, pushing its price to N845 per litre. Pinnacle’s price climbed by N16 to N845, while Swift added N15, reaching N845 per litre.
Source: Getty Images
On Monday, Fynefield sold fuel at N900, Mainland stations priced it at N867, while Ever and Sigmund depots had an ex-depot price of N900.
Why were petrol prices stable months ago
Petrol prices in Nigeria have remained relatively stable in recent times due to a combination of government intervention, improved local supply, and reduced global crude oil volatility.
The commencement of production at the Dangote Refinery has contributed to easing import pressure, as the refinery is expected to gradually meet local demand and reduce reliance on expensive imported fuel.
In addition, the Nigerian government has been cautious about full deregulation, subtly managing prices through strategic subsidies or market interventions to prevent public backlash amid economic hardship.
The strengthening of the naira in the official foreign exchange market has also helped stabilise landing costs for petrol.
Furthermore, global oil prices have seen a period of mild fluctuation, avoiding the kind of sharp increases that previously led to pump price hikes.
These factors combined have helped maintain petrol prices within a relatively consistent range, bringing temporary relief to consumers and transport-dependent sectors.
Dangote plans direct fuel supply
Meanwhile, Dangote refinery recently disclosed plans to deploy 4,000 new Compressed Natural Gas-powered tankers for nationwide distribution of petrol and diesel directly to marketers, manufacturers, telecom firms, aviation companies, and other large consumers, bypassing traditional depots and intermediaries.
The refinery took delivery of 4,000 new CNG-powered trucks for its fuel distribution initiative, scheduled to be launched on August 15.
The initiative, which aims to provide more efficient transportation across Nigeria and beyond, has been applauded by some industry experts.
The refinery stated that the strategic program is part of its broader commitment to eliminating logistics costs, enhancing energy efficiency, promoting sustainability, and supporting Nigeria’s economic development.
Marketers kick as Dangote set to begin petrol distribution
Earlier, Legit.ng reported that Oil industry stakeholders have expressed concerns that Dangote Refinery's control over the market could lead to fuel shortages, job losses, and the closure of significant facilities nationwide
Natural Oil and Gas Suppliers Association of Nigeria's (NOGASA) President Bennett Korie said the move by Dangote to supply petrol directly could lead to a monopoly.
Also, PETROAN President Billy Gillis-Harry also warned that Nigerians may not fully understand the consequences of Dangote's distribution venture until it is too late.
This article has been updated by the head of business desk, Victor Enengedi, with additional information.
Source: Legit.ng
