NNPCL Increases Petrol Price to ₦1,405 Amid Discount Talks

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,405 per litre from ₦1,370 per litre. This adjustment, which represents a ₦35 increase, was implemented on Friday following an announcement made on Thursday.

Fuel pump attendants confirmed the price change, although NNPCL has not provided a public explanation for the adjustment. This latest increase follows a brief reversion to ₦1,370 per litre earlier in the week.

The timing of the price hike coincides with discussions led by the Minister of Finance, Taiwo Oyedele, regarding a proposed fixed petrol gantry price of ₦1,375 per litre, which is relevant as the country approaches the presidential election scheduled for January 16, 2027. The increase is expected to attract further scrutiny regarding petrol pricing and the relationship between gantry prices and pump prices in Nigeria's downstream petroleum market.