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, up from ₦1,370 per litre.
Pump attendants at several NNPCL retail outlets said the new price was announced on Thursday and took effect on Friday, marking a ₦35 increase despite recent discussions around a proposed fuel discount initiative.
The adjustment comes days after NNPCL reverted petrol prices to ₦1,370 per litre following an earlier increase to ₦1,405. The company has yet to provide an official explanation for the latest price review.
The development has added to ongoing debates over the Federal Government’s proposed fuel pricing framework after Finance Minister Taiwo Oyedele announced a planned gantry price of ₦1,375 per litre ahead of the 2027 general elections.
The latest increase is expected to raise concerns among consumers and businesses already grappling with rising transportation and living costs.
