Retail outlets operated by the Nigerian National Petroleum Company Limited (NNPC) have raised the pump price of Premium Motor Spirit (petrol) to ₦945 per litre in Abuja as of Monday. In Lagos, the new price stands at ₦915 per litre across several NNPC retail stations, reflecting fresh increases of ₦35 and ₦45 in Abuja and Lagos respectively, from previous rates of ₦910 and ₦870 per litre.
These price adjustments follow a recent hike in the ex-depot rate by Dangote Petroleum Refinery, which moved from ₦825 to ₦880 per litre, prompting a market-wide ripple effect. The revised pricing was observed at multiple NNPC stations, including the Federal Housing outlet in Kubwa and the mega station on Obasanjo Way, Abuja. In Lagos, updated prices were displayed at locations such as Igando and the Badagry Expressway.
The increases have extended beyond NNPC outlets. MRS filling stations, affiliated with the Dangote refinery, have set prices at ₦925 per litre in Lagos, up from ₦875. TotalEnergies moved to ₦910, while Oluwafemi Arowolo Petroleum in Iba is now selling at ₦920 per litre.
Depot operators in major supply hubs like Wosbab, Pinnacle, and NIPCO confirmed ex-depot prices now range between ₦920 and ₦925 per litre, citing higher upstream costs and rising global crude prices as drivers. Internationally, tensions between the US and Iran continue to unsettle oil markets. A reported airstrike over the weekend by US-Israeli forces on Iranian nuclear facilities has raised fears of further supply disruptions, with crude prices nearing the $80 per barrel mark.
Industry experts warn that petrol prices may cross ₦1,000 per litre soon unless urgent measures are taken. Olatide Jeremiah, CEO of PetroleumPrice.ng, noted that private depots could raise rates to ₦1,000 if global oil prices rise further. “We are hoping Dangote maintains its ₦880 price. If it stops selling again, depot owners could hike prices arbitrarily,” he cautioned.
These developments add to the financial pressure facing Nigerians, with transportation and living costs rising amid a deregulated but volatile fuel market.
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