Again, NNPC Hike Petrol Prices by N118, Second Increase in 24 Hours
- For the second time in less than 24 hours, NNPC has raised the price of petrol across its retail outlets
- The new price seen in Lagos is a N118 increase from the previous rate of N960
- All retail outlets of the national oil company are now dispensing petrol at above N1,000 per litre
Legit.ng journalist Dave Ibemere has extensive experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and broader market trends.
In less than 24 hours, the Nigerian National Petroleum Company Limited (NNPCL) retail outlets have adjusted the pump price of Premium Motor Spirit (PMS), also known as petrol, across the country.
Checks by Legit.ng showed that NNPC retail outlets in Lagos were dispensing fuel to motorists at N1,050 per litre over the weekend.
Source: Getty Images
This is an increase of N118 from the previous price of N932 per litre.
While in Abuja, the price was increased to N1081 per litre from N960 per litre.
The latest adjustment means the national oil company has raised petrol prices by N218 within a week, when compared to the N832 Nigerians paid recently at NNPC filling stations.
NNPC petrol prices nationwide
Lagos and Abuja are not the only states where residents have been asked to pay more for petrol.
A review of NNPC’s current petrol prices across several states shows increases, leaving Nigerians with more headaches.
Here is a snapshot of the new petrol prices at NNPC filling stations in some states
- Lagos: N1,050
- Ogun: 1,051
- Abuja: N1,081
- Bayelsa: N1,085
- Benue: N1,076
- Delta: N1,085
- Sokoto: N1.083
NMDPRA gives reason for petrol hike
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has attributed current pump price fluctuations to market forces in the country’s deregulated downstream sector, Leadership reports.
George Ene-Ita told the News Agency of Nigeria that variations from N875–N880 to N960–N1,000-plus stemmed from supply and demand dynamics and not regulation.
He explained:
“Nigeria’s fully deregulated regime since this administration fosters competition and investment."
Source: Getty Images
Ene-Ita said the variations in pump prices across the country were not due to regulatory interference but were driven by supply and demand forces within the market.
He said:
“Nigeria has been operating a fully deregulated downstream petroleum regime since the inception of the current administration.
“Therefore, pump price vagaries are purely as a result of market dynamics.'
He added that under a deregulated framework, petroleum product prices respond to prevailing market conditions.
Petrol depot prices surge near N1,000 per litre
Legit.ng earlier reported that petrol depot prices across Nigeria have climbed close to N1,000 per litre, raising fresh concerns for motorists and businesses already struggling with rising operating costs.
Data from PetroleumPriceNG on Tuesday, March 3, 2026, indicated that prices at private depots jumped from the N800 range to above N900 per litre within a few days.
The surge followed a new gantry price adjustment introduced by the Dangote Petroleum Refinery on Monday.
Source: Legit.ng
