Petrol Price Hits N955/Litre as NNPCL, Marketers Raise Rates Nationwide

Pump prices of Premium Motor Spirit (PMS), popularly known as petrol, surged again on Monday, with retail outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) adjusting prices to N945 per litre in the Federal Capital Territory.

In Lagos, NNPCL outlets also revised their rates to N915 per litre, signaling another sharp uptick in the downstream market. The latest adjustment represents a N35 and N45 increase from the previous prices of N910 in Abuja and N870 in Lagos, respectively.

Independent marketers followed suit, with prices rising by as much as N60. In Abuja, several outlets raised rates from N895 to N955 per litre. In Lagos, pump prices ranged between N915 and N950, depending on the filling station.

Widespread Increases Across South-West States

According to The PUNCH, fuel prices on Monday fluctuated between N915 and N950 across Lagos, Ogun, and other parts of the South-West. Strategic Dangote Refinery partners—such as MRS, Heyden, and AP—were selling at N925 per litre in Lagos and N935 in Ogun.

One of our correspondents confirmed that NNPCL retail stations implemented the price hikes despite having older fuel stocks. A station in Lagos adjusted its pump price to N915 per litre on Monday, citing market volatility as the reason for the markup.

This wave of increases followed Dangote Petroleum Refinery’s decision to raise its ex-depot price from N825 to N880 per litre just days earlier, triggering a domino effect throughout the fuel supply chain.

Nationwide Impact, Soaring Costs for Consumers

Our reporters observed that the new pricing was rolled out across NNPCL-operated stations and several independent outlets, intensifying economic pressure on consumers already grappling with steep transport and living expenses.

At the NNPC mega station in the Federal Housing area of Kubwa, Abuja, N945 per litre was clearly displayed. Similar figures were recorded at the Obasanjo Way mega station and others.

On the popular Airport Road in Abuja, stations including A.Y.M. Shafa, A.A. Rano, and NIPCO aligned at a price point of N955 per litre. Meanwhile, Dangote-linked outlets such as Optima and MRS settled at N945 per litre.

In Lagos, fuel stations in Igando and along the Badagry Expressway reflected the new N915 rate. Private retailers mirrored the trend—MRS outlets raised their prices to N925 from N875, while TotalEnergies increased theirs to N910. Oluwafemi Arowolo Petroleum, located in Iba, sold at N920 per litre.

Depot Prices Climb Further, Signaling More Increases

Petrol prices are expected to rise even higher as major supply depots in Lagos—including WOSBAB, Pinnacle, and NIPCO—set their PMS ex-depot prices between N920 and N925 per litre as of June 23. Sources attribute the increase to soaring upstream costs and global crude price volatility.

Data from PetroleumPrice.ng showed that Dangote’s depot closed sales at N905 per litre, while NIPCO Lagos led the pack with a steep N25 jump—up 2.72%, the sharpest hike among surveyed depots.

Other depots such as Fynefield, TSL, and Ever also raised their prices, with some locations hitting N940/litre. A few, like First Fortune, WOSBAB, and Rainoil Lagos, held steady at N920/litre—for now.

These repeated price hikes are expected to deepen inflationary pressures, with commuters, small businesses, and households feeling the greatest impact in a deregulated yet unstable fuel market.

Global Tensions Add More Pressure on Oil Prices

On the global stage, escalating tensions between the United States and Iran have further shaken the oil market, fueling fears of supply disruptions that could push prices even higher.

A joint U.S.-Israeli airstrike over the weekend reportedly targeted Iranian nuclear facilities, triggering retaliatory missile attacks from Iran on U.S. bases in Qatar and Iraq. Explosions were reported in Doha following the strikes.

Qatari authorities confirmed the attack on the U.S.-run Al Udeid Air Base, calling it a “flagrant violation.” As a result, oil prices on Monday climbed to their highest levels since January, driven by fears of further geopolitical instability.

Surprisingly, Brent crude futures later slipped to $71.66 per barrel, while West Texas Intermediate (WTI) crude dipped to $68.32 per barrel.

Experts Warn of Speculative Pricing

Olatide Jeremiah, CEO of PetroleumPrice.ng, noted that speculative pricing by depot operators is becoming rampant amid the crisis.

“Tensions are high at the depots, and marketers are taking advantage with speculative pricing,” he said. “The crude oil price has only increased by about 3%, yet depot owners have raised their prices by over 10%. Eventually, these inflated prices will hit the pumps.”

Punch

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