Petrol Price Climbs to N955/Litre as Marketers and NNPCL Hike Rates Nationwide

The cost of petrol surged across the country on Monday as retail stations under the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers implemented fresh pump price hikes, pushing rates to as high as N955 per litre in some areas.

In the Federal Capital Territory, NNPCL outlets adjusted prices to N945/litre, while in Lagos, prices climbed to N915/litre at several of its stations. This marks a significant jump from previous rates of N910 and N870 in Abuja and Lagos, respectively.

Independent marketers followed suit, raising their prices from around N895 to N955 per litre in Abuja, and between N915 and N950 in Lagos. Filling stations in locations such as Igando and the Badagry Expressway implemented these new prices on Monday.

Refinery Hikes Spark Retail Changes

The increases come in response to Dangote Petroleum Refinery’s recent ex-depot price revision from N825 to N880/litre, triggering a ripple effect across the downstream sector. Strategic retail partners of the refinery, including MRS, Heyden, and AP, updated prices to N925 in Lagos and N935 in Ogun.

Retailers told PUNCH correspondents that despite holding older stock, they were compelled to adjust prices due to volatile supply costs and anticipated future hikes.

Depot Prices Cross N940

Depot pricing has also risen sharply. According to market data, PMS prices at major depots in Lagos such as Pinnacle, NIPCO, and Wosbab ranged between N920 and N940 per litre by June 23. Dangote depot concluded sales at N905/litre. NIPCO, in particular, recorded a N25 increase — the highest single-day jump — representing a 2.72% rise.

Meanwhile, some depots like Rainoil and First Fortune have attempted to stabilize prices, keeping them at N920/litre.

Impact on Consumers and Businesses

The price surge is expected to further intensify inflationary pressures, impacting transportation costs and raising concerns among consumers and small businesses already struggling with high living costs.

Petrol is now selling at:

NNPCL stations: N945 in Abuja, N915 in Lagos

Independent marketers: N955 in Abuja, N915–N950 in Lagos

Dangote strategic partners (e.g., MRS, Optima): N925 in Lagos

TotalEnergies and others: Between N910 and N920 per litre

Global Factors Fuel Uncertainty

Globally, geopolitical tensions are exacerbating the crisis. Conflict between the United States and Iran over nuclear developments has disrupted oil market stability. Iran’s retaliatory missile strikes on US bases in Qatar and Iraq, following reported Israeli-US attacks on its nuclear facilities, have heightened fears of a broader regional conflict.

While initial reactions pushed Brent crude to its highest levels since January, prices later dipped to $71.66 per barrel (Brent) and $68.32 per barrel (WTI), reflecting ongoing market volatility.

Analyst Reaction

Olatide Jeremiah, CEO of PetroleumPrice.ng, described the spike in depot fuel prices as speculative and unjustified, noting that crude prices have only risen by about 3%, while depot rates have climbed over 10%.

“There’s an urgent need for regulatory control,” Jeremiah warned. “These speculative hikes at the depot level will inevitably be passed down to consumers at the pump.”

As Nigeria’s deregulated petroleum market continues to navigate global oil shocks and internal supply chain challenges, motorists and households brace for further strain amid unstable fuel pricing.