The Nigerian National Petroleum Company Limited (NNPCL) has increased its premium motor spirit (PMS) pump price to N1,405 per litre from N1,370, representing a N35 increase per litre.
Checks by DAILY POST on Friday showed that the new price had been implemented at NNPCL filling stations following an announcement on Thursday.
Several fuel pump attendants, who spoke to DAILY POST on condition of anonymity, confirmed that the latest adjustment was communicated on Thursday but took effect on Friday.
The state-owned oil company has yet to explain the reason for the latest price increase.
NNPCL Reverses Petrol Price Reduction
The latest increase comes days after NNPCL returned its petrol price to N1,370 per litre on Monday, following an earlier adjustment that raised the price to N1,405 per litre.
The latest development means that the company’s filling stations have once again increased petrol prices, despite the controversy surrounding the announcement of a proposed fuel discount.
The back-and-forth price adjustments have raised questions about the direction of petrol pricing at NNPCL outlets and the impact on motorists and other fuel consumers.
Finance Minister Announces Proposed Petrol Gantry Price
The latest pump price adjustment also follows an announcement by the Minister of Finance, Taiwo Oyedele, on Thursday regarding a proposed fixed petrol gantry price of N1,375 per litre.
The proposed price was announced ahead of the January 16, 2027, presidential election.
However, the relationship between the proposed gantry price and NNPCL’s latest retail price adjustment remains unclear.
As of Friday, NNPCL had not publicly provided an explanation for raising its pump price to N1,405 per litre, leaving motorists awaiting further clarification from the company.
The difference between the proposed gantry price of N1,375 and NNPCL’s current pump price of N1,405 is N30 per litre. Gantry prices and retail pump prices are distinct pricing points, and the proposed gantry price does not automatically establish the price consumers will pay at filling stations.