The Nigerian National Petroleum Company Limited (NNPCL) has raised its petrol pump price to ₦1,405 per litre, while two Calabar depots have reviewed their prices to ₦1,354 per litre, exceeding the Federal Government’s proposed ₦1,350-per-litre gantry price benchmark.
The latest depot prices, recorded on October 16, show Bongas and Pivot selling Premium Motor Spirit (PMS) at ₦1,354 per litre, following price reviews. The new rates are ₦4 above the proposed benchmark.
Other depot prices recorded on the same date included ₦1,335 per litre at MRS Tin Can in Lagos and ₦1,355 per litre at Matrix and Mainland depots in Calabar. The latest figures indicate that depot prices remain uneven across locations, with some quotations above the proposed cap.
NNPCL’s latest pump-price adjustment represents an increase of ₦35 per litre from the previous price of ₦1,370. The revised rate reportedly took effect on Friday after filling station attendants were informed of the change on Thursday.
The increase comes amid uncertainty over the Federal Government’s proposed ₦1,350-per-litre gantry-price benchmark, which was presented as a measure to moderate petrol costs ahead of the January 16, 2027 presidential election.
The proposed benchmark applies to depot-level sales to marketers, while pump prices may include transportation and other distribution expenses. The difference means the proposed gantry price does not automatically determine the final price paid by motorists.
However, depot quotations above ₦1,350 per litre in Calabar indicate that the proposed benchmark is not being reflected across all monitored locations.
The latest developments also raise questions about the effectiveness of the government’s petrol discount initiative. NNPCL has restored its regular pump price to ₦1,405 per litre, although customers using its application and paying digitally have reportedly remained eligible for a ₦66-per-litre discount, bringing their price to ₦1,339.
Motorists paying through other channels continue to face the regular pump price, limiting the discount’s reach as a broad-based price-relief measure.
NNPCL has described the discount as a temporary customer-relief initiative funded by a reduction in its retail profit margin, rather than a return to the fuel subsidy regime abolished in May 2023. The company previously said the programme, introduced on October 1 to mark Nigeria’s 66th Independence Anniversary, would run until October 31.
The return of the regular pump price to ₦1,405, alongside depot prices above the proposed gantry benchmark, has intensified scrutiny of the government’s efforts to moderate petrol costs. NNPCL has not publicly explained the reason for its latest pump-price increase.
For marketers, depot quotations and replacement costs remain important factors in retail pricing decisions. For motorists, the immediate concern is whether the proposed gantry-price arrangement and the discount initiative will translate into wider relief at filling stations.
With NNPCL’s regular pump price at ₦1,405 per litre and Bongas and Pivot depots in Calabar at ₦1,354, the latest figures show that the proposed ₦1,350 benchmark is not being met uniformly across the monitored market, while the discount remains limited to qualifying digital transactions.