The Nigerian National Petroleum Company Limited has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, by ₦115 per litre.

The adjustment follows a market survey conducted across retail outlets in Abuja and its environs, which confirmed that the new price has risen from ₦1,155 to ₦1,270 per litre.

The latest increase comes amid persistent uncertainty in Nigeria’s downstream petroleum sector and follows recent price hikes by depot operators and independent marketers.

The development also coincides with a significant shift by the Dangote Refinery, which recently discontinued its naira-based pricing model in favour of a dollar-denominated template. The new pricing structure, which took effect earlier this week, includes revised benchmark prices for Automotive Gas Oil (diesel) and aviation fuel.

Industry observers say the move signals a major transformation in the refinery’s commercial operations and could reshape pricing dynamics in Nigeria’s deregulated downstream sector, where the 650,000 barrels-per-day facility remains the country’s largest supplier of refined petroleum products.

Reacting to the development, the Petroleum Products Retail Outlets Owners Association of Nigeria warned that Nigerians may soon begin purchasing petroleum products in United States dollars if the Federal Government fails to restore the naira-for-crude arrangement with the Dangote Refinery.

The National President of PETROAN, Billy Gillis-Harry, issued the warning over the weekend, highlighting growing concerns among industry stakeholders over the sustainability of current pricing policies.