The pump price of Premium Motor Spirit (PMS), commonly known as petrol, has reportedly surged to ₦992 per litre at Nigerian National Petroleum Company Limited (NNPC) retail outlets across the country.
The development, which marks the highest rate recorded at NNPC stations since full deregulation of the downstream sector, has triggered fresh concern among motorists and businesses.
While NNPC has yet to issue an official statement confirming the adjustment, multiple reports indicate that the new pricing was observed at several outlets on Sunday and Monday.
Background and Contributing Factors
The increase comes amid persistent challenges in the oil and gas supply chain, including:
High landing and importation costs, driven by the depreciation of the naira and rising global crude oil prices.
Limited domestic refining capacity, with major facilities such as the Dangote Refinery still ramping up production.
Market-based pricing under deregulation, where petrol prices reflect the cost of importation and distribution without government subsidy.
Earlier in the year, petrol was sold at ₦955 per litre in some locations, especially following reports of an increase in depot prices by the Dangote Refinery and other marketers.
Economic Implications
The fresh hike is expected to further intensify inflationary pressure across sectors.
Transport operators have already warned of imminent fare increases, while manufacturers and traders anticipate higher logistics and operational costs.
Economic analysts say the development could deepen the strain on household incomes, particularly among low- and middle-income earners.
Awaiting Official Clarification
As of the time of reporting, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has not responded to requests for comment on the new pump price.
It remains unclear whether the ₦992/litre rate is an official nationwide adjustment or a temporary price fluctuation in specific regions.
