NNPC Announces Nationwide Petrol Price Hike, Lagos Sees N100 Increase
The Nigerian National Petroleum Company Limited (NNPCL) has implemented a significant increase in petrol prices across its retail outlets, with Lagos experiencing a rise of N100 per litre. This adjustment brings the pump price in Lagos to N1,330 per litre, up from the previous N1,230 per litre.
New Petrol Prices Across Key States
In addition to Lagos, other states have also seen notable price hikes. In Abuja, the price has increased from N1,260 to N1,361 per litre. Anambra now faces a price of N1,335 per litre, while Borno's rate stands at N1,330 per litre. These changes reflect a broader trend of rising fuel costs nationwide, exacerbated by supply pressures and global market dynamics.
MRS Oil and Other Marketers Follow Suit
MRS Oil Nigeria Plc has also announced an upward review of its petrol pricing, setting the new pump price for Premium Motor Spirit (PMS) at N1,332 per litre. The company has directed all its retail outlets to implement this new pricing immediately, with delivery priced at N1,290 per litre and self-collection at N1,282 per litre. This move aligns with similar adjustments by other marketers, including Ardova Plc, which raised its pump price in Lagos to N1,350 per litre from N1,230.
Dangote Refinery Drives Price Increases
The latest price hikes are largely driven by actions from the Dangote Petroleum Refinery, which has increased its gantry price of petrol to N1,275 per litre. This marks the refinery's second price hike within 24 hours, following an earlier increase to N1,245 per litre. The revised rate took effect from 12:00 a.m. on March 21, 2026, in response to surging global crude oil prices.
Impact on Inflation and Consumer Costs
These adjustments are expected to worsen inflationary pressures across Nigeria, as fuel costs continue to climb. A survey by Legit.ng indicates that most filling stations have adjusted their prices to between N1,330 and N1,355 per litre, further straining household budgets. The National Bureau of Statistics (NBS) reported that the average retail price for petrol in January 2026 was N1,034.76, a decrease from previous months, but the current hikes signal a reversal of this trend.
Broader Market Trends and Future Outlook
The ongoing price increases highlight the volatility in Nigeria's fuel market, influenced by global crude oil prices and local refinery adjustments. As oil marketers continue to respond to these dynamics, consumers may face further price fluctuations in the coming months. This situation underscores the need for strategic measures to stabilize fuel supply and mitigate economic impacts on Nigerians.
