Retail outlets owned by the Nigerian National Petroleum Company Limited (NNPCL) have increased the pump price of petrol in the Federal Capital Territory, Abuja, to 945 Naira per litre on Monday.
The state-owned oil firm also raised its petrol price to 915 Naira per litre at several of its filling stations in Lagos, marking a further rise in fuel costs for consumers.
These latest adjustments represent increases of 45 Naira in Lagos and 35 Naira in Abuja, compared to the previous prices of 870 and 910 Naira per litre, respectively.
The price hikes come shortly after the Dangote Petroleum Refinery, a major player in the Nigerian downstream sector, increased its ex-depot price of petrol from 825 to 880 Naira per litre. This move triggered a widespread response across the industry.
Observations at NNPC-owned filling stations in Abuja, including outlets in the Federal Housing area of Kubwa and along Obasanjo Way, confirmed the new price of 945 Naira per litre. Similarly, stations in Lagos, such as those in Igando and along the Badagry Expressway, were selling petrol at 915 Naira per litre.
Private retail outlets have also followed suit. MRS filling stations, a partner of the Dangote refinery, increased their pump prices to 925 Naira per litre in Lagos, up from 875 Naira. TotalEnergies also raised its price to 910 Naira per litre, while other independent marketers pushed rates to around 920 Naira per litre.
Sources at fuel depots in Lagos indicated that major supply hubs have now set their ex-depot prices for petrol between 920 and 925 Naira per litre, citing rising upstream costs and international crude oil prices as the reasons.
Globally, the ongoing tensions between the United States and Iran are reported to have contributed to volatility in the oil market. Analysts predict that crude oil prices could soon exceed 80 US dollars per barrel, with recent reports of airstrikes on Iranian nuclear sites further fuelling concerns about potential supply disruptions.
Independent marketers in Nigeria have warned that petrol prices could climb above 1,000 Naira per litre in the coming weeks if there is no intervention, attributing this potential increase to rising international oil prices and the weakening Nigerian Naira currency.
Olatide Jeremiah, the Chief Executive Officer of PetroleumPrice.ng, suggested that private depots were likely to further increase prices, potentially reaching 1,000 Naira per litre if crude oil prices continue to rise. He noted the significant influence of the Dangote refinery’s pricing on the overall market.
These recurring increases in petrol prices are expected to exacerbate inflationary pressures in Nigeria, impacting commuters, businesses, and households already facing high transportation and living costs in a deregulated petroleum market.
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