Retail outlets owned by the Nigerian National Petroleum Company Limited (NNPCL) have increased the pump price of Premium Motor Spirit (petrol) to ₦945 per litre in Abuja and ₦915 per litre in Lagos, reflecting fresh hikes of ₦35 and ₦45, respectively.
The adjustments follow Dangote Petroleum Refinery’s recent increase in its ex-depot price from ₦825 to ₦880, triggering an industry-wide price surge.
Visits to NNPCL stations in Abuja’s Kubwa and along Obasanjo Way confirmed the new rates. In Lagos, outlets in Igando and along the Badagry Expressway reflected the updated ₦915 price.
Private marketers have also raised prices. MRS, a Dangote partner, now sells at ₦925 in Lagos, while TotalEnergies set new rates at ₦910. Others, like Oluwafemi Arowolo Petroleum, are selling at ₦920.
Depot sources report that supply hubs like Wosbab, Pinnacle, and NIPCO have adjusted ex-depot prices to ₦920–₦925 per litre, citing rising upstream costs and global crude prices.
The hikes come amid geopolitical tensions in the Middle East. A reported U.S.-Israeli airstrike on Iranian nuclear sites has pushed oil prices closer to $80 per barrel, raising fears of further disruptions.
Experts warn petrol prices could soon surpass ₦1,000 per litre if crude prices continue to rise and the naira weakens.
“Private depots may raise prices to ₦1,000 if global oil crosses $80,” said Olatide Jeremiah, CEO of PetroleumPrice.ng. “Only stable supply from Dangote can restrain further hikes.”
The increases are expected to worsen inflation, impacting transport costs, household spending, and business operations in an already strained economy.
