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The Nigerian National Petroleum Company Limited has raised its petrol pump price to N1,405 per litre from N1,370, reversing an earlier reduction and deepening uncertainty over fuel pricing in the country.
Checks on Friday showed that the state-owned oil company had increased the price by N35 per litre. Some filling station attendants said the new rate was announced on Thursday and implemented the following day.
NNPCL had yet to provide an official explanation for the latest adjustment as of the time of filing this report.
The increase comes amid controversy over an announced fuel discount and a proposed fixed petrol gantry price of N1,375 per litre.
The latest adjustment means motorists buying petrol at NNPCL filling stations will pay more, despite ongoing discussions about the proposed pricing arrangement and its expected impact on consumers.
The company had earlier raised its pump price to N1,405 per litre before reverting to N1,370 on Monday. Its return to the higher rate has further complicated the price outlook for motorists and businesses.
On Thursday, the Minister of Finance, Taiwo Oyedele, announced a proposed fixed petrol gantry price of N1,375 per litre ahead of the January 16, 2027, presidential election.
The development has raised questions about how the proposed gantry price would relate to retail prices at filling stations and whether consumers would benefit from the anticipated discount.
A gantry price generally refers to the price at which petrol is sold at a depot or loading facility before additional distribution and retail costs are applied. It is therefore distinct from the pump price paid by motorists.
With NNPCL yet to clarify the reason for its latest increase, uncertainty persists over the implementation of the proposed pricing arrangement and its implications for consumers.
