The average prices of petrol and diesel have risen by 86 percent in 2026, with the two products reaching their highest average price levels for the year by September 22, according to the latest fuel price trend report by priceandpromo.

The report stated that the average price of Premium Motor Spirit, popularly known as petrol, rose to N1,378 per litre by September 22, while automotive gas oil, commonly known as diesel, increased to N1,899/litre.

It puts the increase in the price of petrol at 80.8 percent from the January 13 base, while diesel recorded a 91.8 percent rise over the same period. The average increase of the two products is 86.3 percent, which rounds to 86 percent.

The report stated, “The latest priceandpromo fuel price trend shows renewed upward movement following the relative stability observed between April and July.

“Petrol rose to an average of N1,378 per litre by 22 September, while diesel increased to an average N1,899 per litre, the highest average price levels recorded for both products in the displayed 2026 series.”

READ ALSO: NNPC Ltd Celebrates Second Year of Zero Voluntary Resignations

According to the report, petrol prices had increased sharply in March before remaining relatively stable at elevated levels between April and July. “After the sharp March increase, fuel prices stabilised at higher levels through July before rising again in August and September,” it added.

The renewed increase came amid heightened volatility in the international energy market, according to the report, which noted that the domestic market remained exposed to movements in global energy costs.

“The renewed increase comes amid heightened global energy-market volatility, highlighting the domestic market’s continued exposure to shifts in international energy costs,” the report added.

The report indicated that the latest movement in fuel prices could have wider implications for transportation, logistics and the cost of distributing goods, given the importance of petrol and diesel to economic activities.

The report noted that fuel prices remained an important channel through which changes in energy costs could feed into transportation and other consumer costs.

The report further warned that the renewed increase in both products is a development to monitor because of its potential implications for the movement of people and goods.

It said, “The renewed increase in both petrol and diesel is therefore an important market signal to watch, particularly for its potential implications for mobility, logistics costs and the wider cost of moving goods through the market.”

The report’s figures show that the increase in diesel prices has outpaced that of petrol, with AGO rising by 91.8 percent compared with PMS’s 80.8 percent increase.

Courtesy – The PUNCH

State oil major, the Nigerian National Petroleum Company Limited (NNPC Ltd) has credited staff confidence in its future, career opportunities, job security and the desire to be part of its transformation into a commercially driven energy company, as top on the brand characteristics that helped it record a second successive year of zero voluntary resignations.

The disclosure was contained in NNPC Limited’s 2025 Annual Financial Report, which showed that the company recorded a zero percent withdrawal-from-service rate across all employee age bands below 60 years in both 2024 and 2025.

The report showed that employees aged 30 years and below, 31–39, 40–44, 45–49, 50–54 and 55–59 all recorded a zero percent withdrawal-from-service rate in 2025. The same age groups also recorded zero per cent in 2024, indicating that there were no voluntary exits recorded across the categories during the two-year period.

READ ALSO: Ndindi Nyoro Gives Ruto 14 Days to Disclose Dangote Refinery Deal

The only 100 percent rate recorded in the table was for employees aged 60, reflecting retirement at the applicable age rather than voluntary resignation.

On the development, NNPC Ltd’s Chief Corporate Communications Officer, Andy Odeh, said the retention rate was an indication of stability within the organisation and suggested that employees continued to see opportunities for career growth and professional fulfilment in the company.

“If people in an organisation for the whole year don’t exit, it also means that the organisation is stable. The organisation can be trusted and that colleagues see prospects going forward,” Odeh said.

He shared his views during an NNPC Limited X Spaces conversation on its 2025 audited financial statements, stating that the company had a pool of highly mobile and ambitious employees who were prepared to support its transition and growth, adding that retention in the energy industry was not determined by salaries alone.

“One of the biggest opportunities the company has had is the fact that you have very strong, highly mobile, in terms of ambition and support for the business, talent within the organisation. But there are a few things that I just want to share with you,” he said.

According to Odeh, employees in the energy industry also considered job security, opportunities for career development, a safe working environment and a sense of purpose when deciding whether to remain with an organisation.

“When you see an opportunity to grow your career, because indeed in the energy industry, for most people it’s not about salary; they look for security, they look for opportunities to develop, they look for a safe work environment, and of course they want to work in a place that gives them purpose,” he said.

He said the transformation of the NNPC Ltd from a corporation into a limited liability company had created a unique opportunity for employees to participate in what could become a significant chapter in the history of Nigeria’s energy industry.

“Where we are as an organisation today, moving from a corporation to a company, the company is at the cusp of history, and anybody who is in the organisation today wants to be part of the huge success,” Odeh said.

“When all of these things come together, people have strong reasons to stay, and I believe that’s why people are staying and wanting to leave,” he added.

Odeh said the company’s challenge was therefore not simply to prevent employees from leaving but to understand and strengthen the factors that made them want to remain.

“Consider that taking retention for granted. The real trick is to get the reasons to stay, rather than the reasons to leave. So where we are now, a lot of people stay and want to stay because they want to be part of history, they want to be part of a career that is clear and prosperous at the end of the day,” he said.

He added that the company’s broader purpose of contributing to the country’s development also provided an incentive for employees to remain with the organisation. “Success at an energy company, building a better country, and making an impact in the world,” he said.

The staff retention data comes as the NNPC Ltd reported record profitability in its 2025 financial year despite a significant decline in revenue.

The opportunity of owning equities in the Dangote Petroleum Refinery and Petrochemicals (DPRP) is becoming irresistible, even among pension fund custodians and administrators.

It has emerged that the Nigeria Police Force Pensions Limited (NPFPL) is seriously looking into investment in the ongoing Initial Public Offering (IPO) as part of efforts to diversify its portfolio and sustain returns for police personnel and retirees.

The Acting Managing Director of NPF Pensions, Muhammed Dutse, offered insights on this in Abuja on Monday during activities marking the 2026 Customer Service Week (CSW).

READ ALSO: Ndindi Nyoro Gives Ruto 14 Days to Disclose Dangote Refinery Deal

Dutse said the pension fund administrator was exploring alternative investment opportunities as declining interest rates could affect returns from traditional fixed-income and bank instruments.

“As you can see recently, there’s a lot of hype around Dangote Petroleum Refinery and Petrochemicals. So, we also look up to that as well,” he said.

He explained that the company’s investment strategy would combine equities with private equity, infrastructure funds and other alternative assets rather than depend heavily on returns from bank deposits.

“There are private equity funds, there are infrastructure funds, there are so many investment windows, alternative investments that we can harness to get good returns,” Dutse said.

He added that the company was also assessing opportunities in the stock market, including shares of large Nigerian companies, as part of efforts to protect pension assets and generate competitive returns.

The comments come amid growing interest in investment opportunities around the DPRP, following moves to broaden ownership of the multibillion-dollar facility.

Dutse said the diversification strategy had become particularly important following changes in the Central Bank of Nigeria’s (CBN) monetary policy stance, which could affect yields available to pension fund administrators.

According to him, NPFPL would increasingly consider opportunities in infrastructure, private equity and the energy sector to strengthen its investment position.

He stated, “Our strategy is a combination of all these instruments in place. We just don’t rely on what banks give us.

“The good thing about this government is that they have opened up opportunities for investment. So, you see a lot of investment opportunities springing up, like I mentioned earlier, infrastructure funds, private equity funds and, especially, in the areas of energy.”

Dutse said NPFPL had recorded an average annual return of about 23 to 24 percent over the past five years, with returns approaching 37 percent in one of the years.

He said the PFA had developed strategies aimed at maintaining its investment performance despite changes in financial market conditions.

“Clearly, we have worked out some strategies to ensure that we maintain this particular rate of return on our investments, which, of course, is yielding positive returns to all our clients,” he stated.

Beyond investments, Dutse acknowledged concerns among retired police officers about pension benefits, saying the Federal Government was working on measures to improve retirees’ take-home pay.

He said a presidential committee was already considering the matter.

“Currently, there is an attempt by the Federal Government — it’s in fact in the process — and we have been working to ensure that the pay, the take-home pay of retirees, is improved,” he said.

Dutse also said the company operates a Retirement Resettlement Support Scheme (RRSS) to provide temporary support to retiring police officers pending the release of their pension benefits, while pre-retirement programmes expose officers to businesses and skills such as poultry farming.

On customer service, he said NPFPL had expanded direct engagement with contributors and introduced a WhatsApp Business platform, which had attracted nearly 100,000 police officers.

He said the digital platform was designed to allow officers to access pension services remotely without having to visit the NPFPL’s offices.