The Nigerian National Petroleum Company (NNPC) Limited has implemented a fresh increase in the retail price of Premium Motor Spirit (PMS), commonly known as petrol, at its filling stations.
As of Wednesday, March 4, 2026, petrol now sells for ₦933 per litre in Lagos (up by ₦103 from the previous ₦830) and ₦960 per litre in Abuja (up by ₦85 from ₦875).
Newsmen reported observing the new prices at NNPC retail outlets in Lagos, including stations at Apple Junction and along Ago Palace Way.
The adjustment follows closely on the heels of a ₦100 per litre hike in the ex-depot (gantry) price by Dangote Petroleum Refinery, which raised its rate to ₦874 per litre from ₦774, citing volatility in global crude oil markets.
This surge has been linked to escalating geopolitical tensions in the Middle East, including recent conflicts involving the US, Israel, and Iran, which have driven international oil prices higher.
Several other major marketers, including MRS Oil (a Dangote partner), have similarly adjusted pump prices upward often by around ₦100 to reflect the increased landing and replacement costs.
In some areas, independent stations have followed suit, with reports of prices reaching ₦975 or more in parts of Abuja and Lagos.
The latest hike comes after a period of relative stability or minor reductions in late 2025 and early 2026, including Dangote Refinery's earlier competitive pricing efforts.
However, the current upward trend has sparked concerns among motorists and commuters about potential further increases, rising transportation costs, and the broader impact on household expenses and inflation.
NNPC, as the principal importer and distributor under the current deregulation framework, has not issued an official statement detailing the exact triggers for this specific adjustment, but market observers attribute it directly to the refinery's price revision and international crude benchmarks.
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