The Nigerian National Petroleum Company Limited (NNPCL) has increased its Premium Motor Spirit (PMS) pump price to ₦1,299 per litre in Lagos and ₦1,345 per litre in Abuja, as a fresh round of price adjustments sweeps through Nigeria’s downstream petroleum market.
The latest retail increase follows a sharp escalation in the wholesale cost of petrol, triggered largely by Dangote Petroleum Refinery’s three PMS price increases within nine days. The refinery raised its gantry price from ₦1,165 to ₦1,185 per litre on August 20, increased it to ₦1,200 on August 25, and then made its biggest adjustment on August 29, taking the price to ₦1,265 per litre.
The cumulative ₦100 per litre increase has significantly altered the replacement-cost benchmark for marketers. More importantly, Monday’s depot prices show that the latest Dangote adjustment has already been transmitted into the physical market, with Lagos prices moving above the refinery’s current gantry rate.
Checks by Petroleumprice.ng on Monday showed NNPCL along dispensing PMS at ₦1,299 per litre along Ikeja, Lagos while at the depot PMS is being sold at ₦1,269 per litre at Sahara and Ascon depots, while Integrated and African Terminal were selling at ₦1,270 per litre. This compares with the ₦1,200–₦1,201 per litre recorded at several of the same Lagos depots at the close of trading on Friday, August 28.
The movement represents an increase of about ₦69–₦70 per litre within one trading session at depots. It also means that Lagos depot prices are now marginally above Dangote’s ₦1,265 gantry price, as marketers factor the refinery’s latest price into the cost of replenishing their stocks.
At the retail end, PUNCH reported that NNPCL stations in parts of Abuja increased their pump price from ₦1,270 to ₦1,345 per litre, a ₦75 increase. PUNCH’s market survey also found petrol selling at ₦1,345 at Optima Filling Station in Idu, while Ay Shafa and Eterna stations were dispensing at ₦1,320 per litre.
The domestic price pressure is being reinforced by the international crude market. Brent crude was trading at $90.50 per barrel as at the time of writing, recovering above the $90 threshold after fresh US-Iran military strikes heightened concerns over the security of oil supplies and shipping through the Strait of Hormuz. A sustained rise in crude prices could further increase replacement-cost pressure on the Nigerian downstream market.
For industry operators, the immediate significance of the latest development is the speed of transmission from refinery pricing to depots and then to retail outlets. With Dangote’s PMS gantry at ₦1,265, Lagos depots already at ₦1,269–₦1,270 and NNPCL retail prices at ₦1,299 in Lagos and ₦1,345 in Abuja, the market is entering September with a substantially higher petrol pricing baseline.