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CBN Forecasts Petrol Price At N950 Per Litre In 2026

The Central Bank of Nigeria (CBN) has warned that the price of Premium Motor Spirit (PMS), commonly known as petrol, could increase to around ₦950 per litre in 2026.

The Dangote Petroleum Refinery currently puts its gantry price at N699 per litre while the retail price at MRS Oil, authorized distributor stood at N739 per litre.

But in the bank’s 2026 Macroeconomic Outlook, CBN based its assumptions on an average crude oil price of $55 per barrel in 2026.

The bank further assumed an average exchange rate of N1,451.63/$ in Q4 2025 and N1,400/$ in 2026, supported by improved FX market efficiency, stronger capital inflows, and a current account surplus.

The bank also assumed domestic crude production of about 1.5 million barrels per day throughout the forecast period.

Under these conditions, CBN expects Premium Motor Spirit (PMS) prices to hover around N950 per litre in 2026. The bank said increased private-sector investment—especially in domestic refining—will support growth and help contain energy costs. It added that rising crude production, stronger security around oil assets, and expanding refining capacity will improve supply conditions in 2026.

CBN projected that headline inflation will slow to 12.94 per cent in 2026, down from an estimated 21.26 per cent in 2025 while linking the expected moderation to lower food prices and easing PMS costs driven by competition in the midstream sector.

Before December, Petroleumprice.ng, said: “Petrol sold at around N900 per litre or more in many locations. Prices fell after the Dangote Petroleum Refinery cut its ex-gantry rate from N828 to N699 per litre. “The refinery then enforced a ¦ 739 per litre pump price through its partner, MRS Oil. When MRS outlets adopted the new rate in mid-December, rival stations lowered their prices to retain customers.”

Dangote recently warned that petrol prices could rise to as high as N1,400 per litre if Nigeria returns to heavy reliance on imports. In a statement, the refinery said large-scale local production has helped stabilise the downstream market and reduce volatility.

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BREAKING: NNPCL Drops Petrol Price Again

The Nigerian National Petroleum Company Limited (NNPCL) has once again reduced the price of premium motor spirit.

According to Daily Post, a check by journalists who went round Abuja on Monday morning, showed that NNPCL retail outlets have reduced their fuel price to N815 per liter, down from N835.

This means that the NNPCL filling stations cut their price by N20.

The fresh price has been implemented at NNPCL filling stations in Wuse Zone 6 and 4 Abuja, Keffi-Abuja Road, and Kubwa Expressway.

An NNPCL filling station attendant, who preferred anonymity, told Daily Post that the new price was implemented on Sunday evening.

However, the N815 per liter is N79 higher than the N739 per liter sold at Dangote Refinery’s backed MRS filling stations nationwide.

Recall that NNPCL on December 19, 2025, cut its price of petrol by N80 to N835 amid a price war among players in the country’s oil downstream sector triggered by Dangote Refinery’s gantry price reduction to N699 per liter.

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Private Marketers Join NNPC to Increase Fuel Price to N955 Per Litre

Private marketers have increased the price of petrol from N905 per litre to N955.
This is coming just days after the the Nigerian National Petroleum Company Limited (NNPC) first increased its price for petrol.
This hike coincides with a severe jump in the price of cooking gas (LPG), creating a double edged sword of financial hardship for households.
The price of cooking gas has soared from N1,000 per kilogram (kg) about two weeks ago to N3,000 this week. Consequently, a 12.5kg cylinder refill that previously cost N12,500 now sells for N37,500 in Abuja, Lagos, and other parts of the country.
NNPC retail outlets adjusted their pump price to N955 per litre on Monday in areas of Abuja, including Gwarimpa, Kubwa Expressway, and Wuse Zones 4 and 6.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PPROOAN), Billy Gillis-Harry, also confirmed the hike.
Other filling stations in Abuja, such as Ranoil, AA Rano, and Mobil, raised their pump prices to between N920 and N930 per litre. Just last Saturday, MRS filling stations were reportedly dispensing petrol at N851 per litre in parts of the city.
Chinedu Ukadike, Public Relations Officer for the Independent Petroleum Marketers Association of Nigeria (IPMAN), attributed the price increase to supply and logistics challenges faced by major marketers, including NNPC and Dangote Refinery.
Ukadike explained that Dangote Refinery increased its loading price to N845 per litre, up from N825, which led to a retail selling price of between N900 and N955, depending on the location.
The IPMAN spokesperson noted that the limited supply at Dangote is insufficient for marketers, and the supply from NNPCL is restricted only to its own retail outlets. He revealed that many IPMAN members who paid for products from Dangote have yet to load after two weeks.
Ukadike said, “I will say that when people are scrambling for products, it results to hike in price. Some marketers, who paid to buy about three million litres from Dangote, were only given one million litres, as they complained of products being rationed, amongst marketers.”
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NNPCL Increases Fuel Price

The Nigerian National Petroleum Company Limited has announced a new increase in the price of petrol.

This is as NNPCL retail outlets in Wuse Zone 6 and Zone 4 have now increased their petrol pump price to N905 per litre, up from N890.

This means that the country’s oil behemoth adjusted its fuel pump by N15, or a 1.7 per cent upward increase.
The president of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, attributed the hike to supply disruption caused by the Petroleum and Natural Gas Senior Staff Association of Nigeria and the Dangote Refinery feud.
He, however, stated that its members dispense petrol between N885 and N895 per litre.
 
“It is due to PENGASSAN’s strike disruption.However, members still sell at N885 and N895 per litre,” he told DAILY POST.
Recall that PENGASSAN’s feud with Dangote Refinery over the mass sacking of Nigerian workers led to a two-day strike action.
However, the federal government intervened, which resulted in the suspension of the strike action.
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Petroleum Tanker Somersaults in Ogbomoso, Spills Content (Photo)

A petroleum tanker has somersaulted in Oyo State.
The tanker was conveying forty five thousand litres of Premium Motor Spirit also known as petroleum before the incident which happened at Isale General in Roundabout Area in Ogbomoso, Wednesday afternoon.
The incident, according to sources close to the scene, happened when the tanker somersaulted on an open road and started discharging its contents.
However, no life was lost in the incident.
The Chairman of Oyo State Fire Service, Maroof Akinwande confirmed the incident in a statement and advised drivers to always drive with care.
He also enjoined them to observe all safety rules on the road.
“The fire personnel led by CFM Oladejo Kolawole swiftly responded and deployed to the scene of the fire incident. Upon arrival, it was a trailer tanker loaded with 45, 000 liters capacity of Petroleum Motor Spirit (PMS) somersaulted on an open road.
 
“Our men quickly engaged all necessary equipment by blanketing the area with foam chemical compound to neutralize the flammability of the content and prevent it from catching fire from surrounding.
 
“I therefore urge drivers to always drive with care and observe road safety tips”.
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Dangote Refinery Reportedly Increases Fuel Price

Dangote Refinery increased its ex-depot price of Premium Motor Spirit to N850 per litre from N820.

The National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, disclosed in an interview on Friday.

This fresh increase represents a N30 hike in the ex-depot price of petrol.

“The new ex-depot price of petrol at the refinery is N850 per litre,”Maigandi said.

He also confirmed that the plant has resumed the sale of petrol products after its suspension last week.

The implication is that petroleum product marketers and retailers will have to pay more to get petrol products from the 650,000-barrel-per-day refinery.

Meanwhile, between last weekend and Monday this week, petroleum marketers, including the Nigerian National Petroleum Company Limited, had increased their pump price to N955 per litre in Abuja before decreasing to N900.

Other filling stations like Ranoil, AA Rano, and Empire Energy currently dispense petrol between N950 and N955 per litre in Abuja.

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Nigerians Should N750 Per Litre of Petrol – World Bank

The World Bank has said Nigerians should pay around N750 per litre more than the N650 per litre currently being paid by Nigerians.
According to WB, the shortage means the Federal Government may still be paying for fuel subsidy as fuel prices are currently not cost-reflective in the country.
The bank’s Lead Economist for Nigeria, Alex Sienaert, revealed this during his presentation of the Nigeria Development Update, December 2023 edition titled, ‘Turning The Corner (from reforms and renewed hope, to results) on Wednesday in Abuja.
During the event, which is hybrid, he noted that based on the official exchange rate today, fuel should cost N750/litre.
He said, “It does seem like petrol prices are not fully adjusting to market conditions so that hints at the partial return of the subsidy, if we estimate what is the cost reflective of retail PMS price of the would-be and assuming that importation is done at the official FX rate.
 
“Of course, the liberalisation is happening with the parallel rates, which is the main supplier, the price would be even higher. These are just estimates to give you a sense of what cost-reflective pricing most likely looks like.
 
“We think the price of petrol should be around N750 per litre more than the N650 per litre currently paid by Nigerians.”
He highlighted that the bank is recommending to the government to take additional measures with its bold reforms to secure the benefits from having taken those decisions.

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