NNPCL Raises Petrol Prices Again, Sparking Concerns Across Nigeria.
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, for the second time in four days, prompting widespread concern among Nigerians. As of Friday, 8 August 2025, NNPCL retail outlets in Abuja have adjusted their prices to ₦945 per litre, up from ₦900, while in Lagos, prices have risen to ₦915 per litre from ₦875. This follows a brief reduction in prices earlier in the week, which had offered temporary relief to consumers.
The latest price hike comes on the heels of Dangote Refinery’s decision to increase its ex-depot price from ₦820 to ₦850 per litre, a move that has rippled through the fuel market. The National Chairman of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, confirmed the adjustment, noting that the increase was implemented on Friday morning. However, he could not provide specific reasons for the sudden change, leaving many to speculate about the underlying causes.
Across Abuja, NNPCL stations in areas such as Kubwa, Lugbe Expressway, Wuse Zone 4, and Wuse Zone 5 have updated their pumps to reflect the new ₦945 per litre price. Similar adjustments have been reported in parts of Nasarawa and Kogi states. Meanwhile, other major marketers in Abuja, such as MRS and Bova, are selling petrol at ₦885 and ₦895 per litre, respectively, while independent stations like Optima, Ranoil, AA Rano, and NIPCO are charging between ₦950 and ₦955 per litre.
The frequent price fluctuations have raised alarm about their impact on Nigeria’s already strained economy. Motorists and businesses are bracing for higher transportation and operational costs, which are likely to drive up the prices of goods and services. Dumebi Oluwole, a senior manager at Financial Derivatives Company, attributed the volatility to global oil price movements, a deregulated fuel market, and the naira’s exchange rate challenges. She noted that marketers often purchase petrol under forward contracts at higher prices, which are then passed on to consumers.
The public reaction has been one of frustration, with many Nigerians taking to social media to express their discontent. Posts on X highlight growing disillusionment, with users questioning the government’s economic policies and the lack of stability in fuel pricing. As inflation continues to bite, the latest increase is expected to exacerbate financial pressures on households and businesses alike.
NNPCL has yet to issue an official statement explaining the reasons behind the rapid price changes. However, industry experts warn that if global crude oil prices climb further—potentially nearing $80 per barrel due to geopolitical tensions—petrol prices could soon surpass ₦1,000 per litre. For now, Nigerians are left grappling with the immediate consequences of this latest hike, as calls for greater transparency and economic relief grow louder.
