NNPCL Raises Petrol to N1,405 per Litre as Depot Prices Test N1,350 Benchmark

The Nigerian National Petroleum Company Limited has increased petrol pump price to N1,405 per litre at its retail outlets. The N35 increase from N1,370 per litre marks the second price adjustment in recent weeks.

Filling station attendants were reportedly informed of the change over the weekend, with the new price taking effect the following day. NNPCL has not issued a public statement explaining the reason for the increase.

Pump price up by N35

The new rate places NNPCL outlets at N1,405 per litre. The adjustment comes as the Federal Government's proposed gantry-price benchmark of N1,350 per litre is already under pressure from depot-level pricing.

On October 16, Bongas and Pivot depots in Calabar were both selling petrol to marketers at N1,354 per litre. That was N4 above the government's proposed target. Matrix and Mainland depots in Calabar quoted N1,355 per litre, while MRS Tin Can depot in Lagos recorded a lower rate of N1,335 per litre.

Depot prices remain uneven

The variation across locations shows that depot prices have not aligned uniformly with the government's benchmark. The gantry price covers only the depot-level sale to marketers. The final price at the pump may rise further once transportation, distribution costs and other operational expenses are factored in.

Despite the higher pump price, customers who use the NNPCL mobile application and complete payments digitally can still access a N66-per-litre discount. That brings the effective cost down to N1,339 per litre for qualifying purchases. Motorists who do not meet the conditions pay the full N1,405 per litre.

Discount runs through October 31

NNPCL launched the discount on October 1 to mark Nigeria's 66th Independence Anniversary. The company said the offer is funded through a reduction in its retail profit margin and is set to run through October 31.

Separately, Sixxco Oil Ltd has begun purchasing petroleum products directly from the Dangote Refinery under its Direct Delivery Scheme. The initial consignment of trucks carrying petrol and other petroleum products departed the refinery. Sixxco Oil Ltd CEO Hubert Ngoka said the arrangement would enable the company to obtain petrol and other fuels directly from the refinery and distribute them to its affiliated filling stations and customers across Rivers State.

With the higher pump price now in place and depot costs still varying across markets, motorists continue to face different prices depending on their location and payment method. The spread leaves the effective cost at N1,339 per litre for qualifying app users and N1,405 per litre for others.