Subscribe: Gist E-Paper
The Nigerian National Petroleum Company (NNPC) Limited has adjusted the pump price of Premium Motor Spirit (PMS), raising it to ₦835 per litre in Lagos and ₦839 per litre in Abuja across its retail outlets.
Checks on Wednesday confirmed that the new prices represent an increase of ₦50 from the previous ₦785 per litre in Lagos and ₦20 from ₦815 per litre in Abuja.
The latest adjustment follows a recent review by the Dangote Petroleum Refinery, which increased the ex-gantry price of petrol to ₦799 per litre. Following the change, partner filling stations, including MRS outlets, now retail petrol at ₦839 per litre, up from ₦739.
Chief Executive Officer of Dangote Petroleum Refinery, David Bird, said the refinery remains committed to meeting domestic fuel demand, disclosing that it supplies about 50 million litres of petrol daily to the Nigerian market. He added that evacuation and nationwide distribution of products remain seamless.
According to Bird, the refinery’s operational flexibility enables it to process a wide range of crude and intermediate feedstocks, ensuring uninterrupted supply of petrol even during scheduled maintenance activities.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reiterated that market forces, rather than subsidies, are responsible for recent price movements in the downstream sector.
Speaking on January 28, the Authority’s Chief Executive Officer, Saidu Mohammed, said sustained competition is key to guaranteeing adequate supply and affordability of petrol, diesel and liquefied petroleum gas (LPG) nationwide.
Mohammed explained that the removal of petrol subsidy has allowed market dynamics to function more efficiently, improving operations across the downstream sector and supporting price stability over time.
As fuel prices continue to fluctuate in major cities, industry players and regulators maintain that increased competition and market-driven mechanisms remain central to shaping Nigeria’s downstream petroleum market.
