July 22, 2026 | Abuja
The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of Premium Motor Spirit, PMS, again, sparking fresh concern among Nigerians and fuel marketers.
The latest adjustment comes amid growing anxiety in the downstream sector following reports that Dangote Refinery has switched petroleum product sales from naira to dollars.
Industry sources said the price hike reflects rising global crude costs and pressure on the foreign exchange market. Independent marketers said the move will further strain businesses already battling thin margins.
The development is also tied to global market disruptions. Oil prices rose above $91 per barrel on Wednesday after Houthi threats in the Red Sea and escalating conflict in the Middle East.
Analysts say the shift to dollar-denominated sales by Dangote Refinery could deepen forex pressure and lead to more frequent price changes at the pump if NNPCL matches the pricing model.
The Central Bank of Nigeria on Tuesday kept interest rates at 26.50%, citing global uncertainties from the Middle East war as a key factor.
The Nigeria Labour Congress and other civil society groups have called on the federal government to urgently provide relief measures, warning that repeated fuel price increases are worsening cost-of-living pressures.
NNPCL has not released an official statement on the new pump price template. Motorists in Abuja, Lagos and Port Harcourt reported queues at some stations on Wednesday morning as consumers rushed to buy ahead of further adjustments.
