The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦1,370 to ₦1,405 per litre at its filling stations.
The latest adjustment represents a ₦35 increase and took effect on Friday, October 16, 2026, according to checks at NNPCL outlets.
Fuel attendants, who spoke on condition of anonymity, said the new price was communicated to filling stations on Thursday and implemented the following day.
NNPCL had yet to issue a public statement explaining the reason for the latest increase as of the time of filing this report.
The development marks another reversal in petrol pricing within days. NNPCL stations in Abuja and other locations had reduced their pump price to ₦1,370 per litre on Monday, October 12, following an earlier increase to ₦1,405.
The latest adjustment effectively restores the higher price amid continued fluctuations in the downstream petroleum market.
The price movement also comes against the backdrop of NNPCL’s ₦66-per-litre petrol discount initiative, which is being offered primarily through the company’s mobile application.
Under the arrangement, motorists who qualify for the discount could pay about ₦1,339 per litre when the prevailing pump price is ₦1,405.
The initiative, initially introduced as part of activities marking Nigeria’s 66th Independence anniversary, was later extended. It targets selected categories of consumers, including public transport operators.
Finance Minister Taiwo Oyedele and the Presidency have maintained that the discount is a commercial initiative funded by NNPCL through a reduction in its retail margin and does not amount to a return to the petrol subsidy regime abolished in 2023.
The Federal Government has also insisted that no funds from the federal budget or Federation Account are being used to finance the discount.
However, labour groups and some analysts have questioned the arrangement, particularly the requirement for customers to access the discount through the mobile application.
They argue that the policy could disadvantage motorists who pay with cash or have limited access to digital services.
The latest price increase also comes amid discussions over proposals for greater stability in petrol pricing. Oyedele had on Thursday referred to a proposed fixed petrol gantry price of about ₦1,375 per litre as part of broader discussions on stabilising prices ahead of the 2027 general elections.
The disparity between the proposed gantry price, the NNPCL pump price and the discounted rate has continued to fuel uncertainty among motorists and transport operators.
Prices at independent filling stations have also continued to vary across locations, largely due to differences in supply, transportation and logistics costs.
The latest adjustment by NNPCL is expected to further increase pressure on transport fares and household expenses, particularly if the higher price is sustained.
NNPCL had not provided further details on the reasons for the latest increase or indicated whether another adjustment was imminent as of Friday.
Motorists and transport operators are now awaiting official clarification from the national oil company on the latest development.
