Petrol pump displaying new ₦945 per litre price at NNPC station in Abuja.
Petrol prices in Nigeria surged again on Monday, as Nigerian National Petroleum Company (NNPC) Limited retail outlets raised pump prices to N945 per litre in Abuja and N915 in Lagos, deepening concerns over a fresh wave of economic hardship.
This marks an increase of N35 in the Federal Capital Territory and N45 in Lagos, following days of upward adjustments across the downstream sector. The price hike comes on the heels of the Dangote Petroleum Refinery’s ex-depot price jump from N825 to N880 per litre—triggering similar reactions among both public and private fuel stations.
At the NNPC outlet in Kubwa, Abuja, the new price of N945 per litre was boldly displayed, while a similar rate was confirmed at the NNPC Mega Station on Obasanjo Way. In Lagos, stations in Igando and along the Badagry Expressway reflected the revised N915 rate.
Private marketers quickly followed suit. MRS, a major distributor linked with Dangote Refinery, adjusted its price to N925 in Lagos. TotalEnergies moved its rate to N910, while Oluwafemi Arowolo Petroleum in Iba now sells at N920 per litre.
Depot sources told The PUNCH that ex-depot prices at major hubs—Wosbab, Pinnacle, and NIPCO—have climbed to between N920 and N925 per litre, citing rising upstream costs and international crude volatility.
Globally, fears of supply disruptions are growing amid rising tensions between the United States and Iran. Over the weekend, US-Israeli airstrikes on Iranian nuclear sites rattled oil markets, with Brent crude inching toward the $80 per barrel mark.
This geopolitical instability is compounding Nigeria’s domestic challenges, including a weakened naira and rising inflation.
“If global crude prices exceed $80 per barrel, depot prices could rise above ₦1,000 per litre,” warned Olatide Jeremiah, CEO of PetroleumPrice.ng.
“The market is watching Dangote closely. When it paused sales last week, private depots took advantage and raised rates. As long as Dangote sells at N880, that’s the only stabilizing factor right now.”
Industry analysts warn that unless urgent interventions are made—such as strengthening the naira, easing global supply shocks, or regulating depot practices—petrol could sell for over N1,000 per litre nationwide in the coming weeks.
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