N960/Litre: NNPC Releases New Petrol Prices for Abuja, Lagos, Delta, Other States
- NNPC has once again adjusted petrol prices upward at its filling stations across the country
- The new prices have further increased the burden of motorist and the cost of transportation
- Checks showed that in Lagos and Abuja, as well as other states, the petrol pump price rose by N100
Legit.ng journalist Dave Ibemere has extensive experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of Premium Motor Spirit (PMS), also known as petrol, across its retail outlets nationwide, following a fresh adjustment in the downstream market.
A market survey conducted in Abuja on Wednesday, March 4, showed that NNPC retail raised its pump price from N875 per litre on Monday to N960 per litre.
Source: Getty Images
While in Lagos petrol price increased from N837 per litre to N932 per litre.
The development comes after the Dangote Petroleum Refinery raised its gantry price of PMS by N100 per litre, pushing the ex-depot rate to N874 from N774, following a surge in global crude oil prices.
NNPC latest pump prices nationwide
The revised pump prices at NNPC retail outlets across selected states are as follows:
- Lagos: N932
- Abuja: N960
- Abia: N945
- Adamawa: N977
- Anambra: N955
- Bauchi: N975
- Benue: N955
- Cross River: N910
- Delta: N955
- Edo: N955
- Gombe: N976
- Ogun: N925
- Osun: N925
- Rivers: N950
- Sokoto: N962
Source: Twitter
Crude oil price hits 20-month high
Nigerian crude oil prices surged past $80 per barrel on Wednesday, March 4, reaching $83, the highest since mid-2024, following American and Israeli airstrikes on Iran.
The spike reflects growing concerns over global supply disruptions amid escalating tensions in the Middle East.
Prices now far exceed the federal government’s 2026 budget benchmark of $64.85 per barrel, offering a potential revenue boost for Nigeria.
The rise in crude prices comes as Nigeria continues to produce below its OPEC quota, yet higher prices provide a significant fiscal advantage.
Crude oil remains Nigeria’s main source of foreign exchange, accounting for most government revenue.
Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) National President, Billy Gillis-Harry, said the intensifying military standoff involving the United States, Iran, Israel and their allies has once again exposed Nigeria’s heavy dependence on imported refined petroleum products, despite being Africa’s largest crude oil producer, Punch reports.
According to him, the unfolding Middle East crisis carries far-reaching implications for the global energy market, with consequences that could quickly cascade into Nigeria’s downstream sector if proactive measures are not taken.
Diesel gantry price crosses N1,000 per litre
In a related development, Legit.ng also reported that the Dangote Refinery has increased its ex-depot price of Automotive Gas Oil (AGO), also known as diesel, from N880 per litre to N1,050 per litre.
This hike of N170 is expected to influence pricing across private depots and bulk supply chains.
The renewed price pressure in Nigeria’s diesel market is influenced by rising global crude oil prices, largely attributed to the ongoing Middle East conflict and concerns over supply disruptions.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
