The Nigerian National Petroleum Company Limited (NNPC Ltd.) has adjusted the retail pump prices of Premium Motor Spirit (PMS), commonly known as petrol, at its stations nationwide. Effective immediately, fuel is being sold at N880 per litre in Lagos and N935 per litre in Abuja, with similar adjustments across other major cities.
This development comes amid continuing challenges in the global oil supply chain, foreign exchange constraints, and the rising cost of fuel importation. NNPC Ltd., Nigeria’s sole importer of refined petroleum products, cited these macroeconomic pressures as the primary reasons behind the new pricing structure.
In a statement released today, NNPC Ltd. emphasized that the revised pricing reflects current market realities and the need to sustain uninterrupted fuel supply across the country. The company reassured the public that it remains committed to ensuring the availability of petroleum products and maintaining a stable energy supply despite the economic headwinds.
“We understand the burden this places on Nigerians, and we are actively working with relevant stakeholders to implement long-term solutions that include domestic refining and improved supply logistics,” the statement read.
The company also urged Nigerians to avoid panic buying or hoarding of fuel, assuring the public that sufficient stock is available across the country.