Petrol prices surged across Nigeria on Monday as retail outlets under the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers adjusted pump prices upward, intensifying pressure on consumers already grappling with high living and transportation costs.
In the Federal Capital Territory, NNPCL outlets increased their pump price to N945 per litre, up from N910, while in Lagos, prices rose to N915 from N870. Independent marketers also raised their rates, selling as high as N955 per litre in Abuja and between N915 and N950 in Lagos, depending on the outlet.
In Lagos and Ogun, Dangote refinery partners such as MRS, Heyden, and AP sold at N925 and N935 per litre respectively. NNPC retail stations also reflected the increases, with several outlets now selling at N915 per litre in Lagos.
The price adjustments follow a recent hike in ex-depot prices by the Dangote Petroleum Refinery—from N825 to N880 per litre—triggering a widespread response from marketers. Despite purchasing existing stock at older rates, filling stations cited ongoing volatility in supply pricing as the reason for the hike.
In Abuja, stations like A.Y.M. Shafa, A.A. Rano, and NIPCO were seen selling petrol at N955 per litre, while Dangote-aligned outlets such as Optima and MRS pegged theirs at N945. In Lagos, areas like Igando and the Badagry Expressway reflected N915 per litre, with private outlets like TotalEnergies moving prices to N910 and Oluwafemi Arowolo Petroleum to N920.
Depot sources reported new ex-depot price levels between N920 and N925 per litre at major supply hubs such as WOSBAB, Pinnacle, and NIPCO, attributing the hikes to rising upstream costs and global crude prices. At the Dangote depot, sales closed at N905 per litre, while NIPCO Lagos recorded a sharp increase, leading with a N25 per litre jump—the highest among surveyed depots.
Other facilities like Fynefield, TSL, and Ever also showed steep increases, with some depots now quoting as high as N940 per litre. Only a few, such as First Fortune, WOSBAB, and Rainoil Lagos, maintained N920 per litre. The frequent adjustments are expected to further drive inflation, impacting households and businesses nationwide.
Globally, rising tensions between the United States and Iran have contributed to volatility in the oil market. A joint US-Israeli airstrike on Iranian nuclear sites over the weekend prompted retaliatory missile attacks by Iran on US bases in Qatar and Iraq. Qatar confirmed an attack on the US-run Al Udeid base, labelling it a violation of its sovereignty. These developments have raised fears of oil supply disruptions.
Despite the conflict, oil prices fell on Monday, with Brent crude futures dropping to $71.66 per barrel and WTI crude at $68.32.
Commenting on the situation, PetroleumPrice.ng CEO Olatide Jeremiah criticized the speculative pricing by depot owners and marketers, calling the surge “abnormal.” He pointed out that while crude oil prices have increased by about 3 per cent, local depot prices have spiked by over 10 per cent, with the burden eventually shifting to end users,
ADEOLA KUNLE
