NNPC Reverses, Increases Petrol Price Again Across Filling Stations
- The NNPC Limited has decided to increase the pump price of Premium Motor Spirit (PMS) for Nigerians
- The new adjustment comes barely 24 hours after it slashed the price to match that offered by other filling stations
- This week alone, NNPC has made three retail pump price adjustments, with changes also occurring at depots
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 Limited (NNPCL) has again raised its petrol pump price.
Checks showed that in Lagos, NNPC retail outlets are dispensing fuel at N895 per litre on Friday, August 8, 2025.
Source: Getty Images
The new price for Lagos reflects a N20 increase when compared to the earlier announced price of N875 per litre.
Petroleumprice.ng said dealers have already been informed of the new price adjustment, the third in just a few days.
With the latest adjustment, NNPCL retail outlets are now selling petrol at a higher rate than Dangote Refinery’s partner stations.
Here are NNPC petrol prices in states
Lagos -N895
Abuja - N945
Kano- N950
Delta - N930
Oyo, Ogun - N900
Rivers - N925
Sokoto - N955
Dangote's new fuel prices
NNPCL is not alone in announcing a petrol price increase.
On Thursday, August 7, on resuming sales to marketers, Dangote Petroleum Refinery raised its ex-depot price for petrol to N852 per litre.
The new price is a 3.66% or N30 increase from the previous price of N820 per litre quoted to marketers last week.
Ex-depot price refers to the price at which a refinery sells petrol to marketers at the refinery's gate.
This price is a key factor in determining the final price consumers pay at the pump.
Source: Getty Images
Expert explains changes in petrol prices
Dumebi Oluwole, senior manager at Financial Derivatives Company, explained that fluctuations in pump prices are primarily driven by movements in global oil prices.
She noted that when there is a drop in global oil prices, the cost of purchasing petrol domestically would also decline.
Oluwole stated:
"The change is driven by fluctuations in crude oil prices, which have impacted the domestic cost of Premium Motor Spirit (PMS). With Nigeria’s fuel sector now deregulated, pump prices are based on cost-reflective pricing.
"Fuel pricing is influenced by global crude oil prices, dollar-denominated logistics, and exchange rates.
Although Brent futures have fallen in recent days, most marketers purchased fuel when prices exceeded $70.
"Much of Nigeria’s petrol is bought through forward contracts, meaning costs set during higher market conditions are passed on to consumers. With subsidies removed, pump prices now fully reflect the actual expenses incurred by marketers."
NNPC says PH Refinery is not for sale
Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPC) has ruled out the sale of the Port Harcourt Refining Company.
Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Ltd, announced this during a town hall meeting at the NNPC Towers in Abuja.
Ojulari has explained the decision not to sell.
He admitted that the previous plan to commence operations at the Port Harcourt refinery before completing its full rehabilitation was wrong.
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Source: Legit.ng
