Find out more as marketers announce new petrol pump prices

• Marketers have raised petrol pump prices by up to N39 per litre, with MRS filling stations moving to N1,409 per litre
• The increases reversed a downward trend from the previous week and were linked to rising global crude oil prices amid the Middle East conflict
• NNPC Limited extended its N66-per-litre digital discount until October 31, 2026, but marketers are pushing for the scheme to cover more stations

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Petroleum marketers have pushed petrol pump prices higher by as much as N39 per litre, ending a brief period of declining fuel costs and piling fresh pressure on consumers already stretched by the high cost of living.

Checks across the Federal Capital Territory showed that MRS filling stations, which are backed by Dangote Petroleum Refinery, moved their pump price from N1,370 to N1,409 per litre.

The new rate was applied at MRS outlets in Kubwa, Katampe, Gwarimpa and several other parts of the capital.

AA Rano and Ranoil also raised their prices by N10 per litre, from N1,400 to N1,410.

An NNPC Retail outlet in Azhata, Jikwoyi District, adjusted its price from N1,380 to N1,405 per litre, while AA Rano and AYM Shafa stations moved in the same direction, raising their rates from N1,380 to N1,409 per litre, Vanguard reports.

In Lagos, some filling stations in Ikorodu sold petrol at N1,360 per litre, while outlets in Coker, Orile and Second Rainbow retailed the product at N1,350 per litre. Independent marketers in the state charged between N1,360 and N1,400 per litre, depending on location.

The upward adjustments came amid rising global crude oil prices, which traders and marketers have linked to the ongoing conflict in the Middle East.

NNPC's discount offer

While pump prices climbed at many outlets, NNPC Limited moved to provide some relief for consumers by extending its N66-per-litre discount until October 31, 2026.

The scheme, introduced on October 1 to mark Nigeria's 66th Independence Anniversary, allows customers who pay digitally through the company's mobile application to buy petrol at N1,339 per litre at participating NNPC Retail stations, compared with the regular rate of N1,405.

NNPC said the discount was funded by forgoing its profit margin rather than drawing on public funds and stressed that the move did not signal a return to petrol subsidies.

The company said in a statement:

“We recognise that higher petrol prices affect everyday life, from the cost of commuting to the expenses of running a business.

“We understand the strain on families and livelihoods, and this discount is intended to provide direct relief to customers during this difficult period.”

The company added that the initiative applied only to its retail outlets and did not set a national pump price or alter the market-based pricing framework for petroleum products.

NNPC also urged consumers to disregard suggestions that the discount amounted to a restoration of fuel subsidy.

Diesel price increase

Earlier, Legit.ng reported that Dangote Petroleum Refinery has increased its Automotive Gas Oil (AGO), also known as diesel, gantry price from N1,700 to N1,800 per litre.

The N100 increase represents a 5.88% rise in the refinery's diesel price and took effect.

The revised rate was communicated to customers in a notice from the refinery's Group Commercial Operations.

Source: Legit.ng