Petrol prices have gone up again at retail outlets operated by the Nigerian National Petroleum Company Limited (NNPC Ltd), with pump prices hitting ₦945 per litre in Abuja and ₦915 in Lagos as of Monday.
The latest adjustment represents an increase of ₦35 and ₦45 in the Federal Capital Territory and Lagos, respectively, compared to previous rates of ₦910 and ₦870. This change is the latest in a wave of price hikes shaking Nigeria’s downstream sector.
The increase comes on the heels of a recent upward review by the Dangote Petroleum Refinery, which raised its ex-depot price of petrol from ₦825 to ₦880 per litre. That move has triggered widespread price adjustments among both state-owned and private marketers.
At the NNPC filling station across the FCT, the new price of ₦945 has been clearly displayed. Likewise, in Lagos, NNPC outlets are selling petrol at ₦915 per litre according to early reports.
Private marketers have also followed suit. MRS stations, which partner with Dangote Refinery, have increased their prices to ₦925 per litre in Lagos. TotalEnergies now sells at ₦910, while independent operators like Oluwafemi Arowolo Petroleum in Iba are selling at ₦920.
According to depot sources, major supply terminals like Wosbab, Pinnacle, and NIPCO are now selling PMS at between ₦920 and ₦925 per litre, citing rising global crude prices and upstream supply costs.
On the international front, tensions between the U.S. and Iran continue to disrupt global oil markets. A reported airstrike by U.S. and Israeli forces on Iranian nuclear facilities has added to fears of supply shortages, pushing crude oil prices toward the $90 per barrel mark.
Back home, independent marketers are warning that if the trend continues, petrol could cross the ₦1,000 per litre mark in the coming weeks.
Olatide Jeremiah, CEO of PetroleumPrice.ng, said:
“With the way things are going, depot prices could rise to ₦1,000 very soon. If crude hits $80 or more, that will be the reality.”
He noted that the sharp rise in prices last week was partly due to a temporary halt in sales by the Dangote Refinery:
“Dangote not selling for a few days really shook the market. They’ve resumed now and are offering ₦880 for a two-million-litre minimum. Their price decisions still influence the entire sector.”
With Nigerians already facing economic strain, the rising cost of petrol is adding more pressure to daily living and business operations. Many are now hoping for urgent intervention to prevent further hikes.
