Petrol prices in Nigeria have surged to as high as ₦955 per litre, as both the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers increased pump prices across the country. The hike follows an upward adjustment in the ex-depot price by Dangote Refinery, which raised its rate from ₦830 to ₦880 per litre last week.
Key Details:
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In Abuja, NNPCL stations now sell petrol for ₦945/litre, up from ₦900.
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In Lagos, petrol now goes for ₦915/litre at NNPCL retail outlets.
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At independent outlets, pump prices range between ₦915 and ₦955/litre depending on the region.
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Marketers like MRS Oil, a major distributor of Dangote petrol, are now selling at ₦925 in Lagos and ₦955 in parts of the Southeast.
The sharp price increase is attributed to multiple factors:
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Global crude oil prices have risen to nearly $79 per barrel, driven by Middle East tensions.
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High exchange rates and import costs have increased operating expenses for importers and marketers.
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Dangote Refinery, which recently began fuel distribution, now supplies most retail outlets, including NNPCL, due to the halted operations of government-owned refineries.
READ ALSO: Nigerians Brace for ₦1,000/Litre Petrol as Middle East Tensions Roil Oil Markets
Impact:
The hike is already causing concern among Nigerians who are grappling with inflation and rising food prices. Transportation costs are expected to climb further, while small businesses that depend on fuel for power generation will also feel the pressure.
What Experts Are Saying:
According to Abubakar Maigandi, National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), the increase is driven by market forces, especially since the subsidy has been removed.
He warned that without intervention in the forex market or crude supply costs, fuel prices may soon cross ₦1,000 per litre, particularly in the northern regions where logistics add to distribution costs.
