Nigeria’s fuel market is witnessing fresh price adjustments as NNPCL has increased pump prices for petrol and diesel at its retail outlets across the Northwest region, signalling mounting pressure within the downstream petroleum sector.
Checks by Petroleumprice.ng confirm that NNPCL stations in the region have reviewed the pump price of Premium Motor Spirit (PMS) to ₦1,035 per litre, while Automotive Gas Oil (AGO) is now selling at ₦1,295 per litre. The adjustment takes immediate effect across the affected retail outlets.
However, market monitoring indicates that Lagos retail stations are still dispensing petrol at around ₦932 per litre, suggesting that the latest increase is currently regional and has not yet reflected across the Southwest market.
Meanwhile, depot prices across the country are already pointing to rising supply costs. Observations from the downstream market show that depots were quoting ₦1,000 per litre for PMS, highlighting the steady climb in wholesale petrol prices.
Further checks revealed even higher depot prices in the South-South Calabar, as Fynefield were observed selling at ₦1,050 per litre, indicating tightening supply conditions within the domestic distribution network.
Dealers also confirmed receiving updated price notifications from NNPCL retail head stating that AGO pump price has been reviewed to ₦1,295 per litre, while PMS pump price is now ₦1,035 per litre, with the Dealer Own Dealer Operated (DODO) ordering price fixed at ₦1,014 per litre.
Industry analysts say the latest adjustments are largely driven by developments in the international oil market, where Brent crude has surged toward $90 per barrel, increasing the cost of crude supply, freight and refining, factors that are now feeding directly into Nigeria’s deregulated fuel pricing system.