Petrol prices have surged across Nigeria following rising global crude oil costs linked to escalating tensions between Israel and Iran, and local disruptions including a tanker drivers’ strike along Lagos’ Lekki-Epe corridor.
Depot operators have increased the ex-depot prices of Premium Motor Spirit (PMS), a move that is already reflecting in higher pump prices. The President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, has accused petroleum marketers of exploiting consumers and demanded urgent action to protect Nigerians.
According to Petroleumprice.ng, Dangote Refinery’s petrol price rose from ₦825 to ₦840 per litre, Rainoil jumped by ₦50 to ₦900, while Fynefield and Mainland raised their prices to ₦930 and ₦920 respectively. Other major depots such as Sigmund, Matrix Warri, and NIPCO also raised prices, with NIPCO increasing from ₦827 to ₦895. Aiteo was selling at ₦840 per litre.
These hikes suggest that petrol may soon cost close to ₦1,000 per litre. The Executive Secretary of the Major Energies Marketers Association of Nigeria (MEMAN), Clement Isong, linked the rising prices to global crude price fluctuations. However, a depot operator cited Monday’s refusal by tanker drivers to load fuel, due to a controversial ₦12,500 E-Call Up fee demanded by the Lagos State Government, as a major factor. The operator warned of potential scarcity unless the government resolves the issue.
Global crude oil prices have surged following Israel’s military action against Iran, raising fears of a wider conflict in the Middle East. Nigeria’s key crude grades—Bonny Light, Brass River, and Qua Iboe—rose to over $77 per barrel on Monday, exceeding the government’s 2025 budget benchmark of $75. Bonny Light alone hit $78.62 per barrel, up from around $65 just days earlier. While this may offer temporary fiscal relief, energy analysts warn that local fuel prices will continue rising due to higher feedstock costs.
MEMAN’s Isong urged the government to resolve the dispute with tanker drivers quickly, warning that continued unrest could trigger severe fuel shortages.
PENGASSAN President Festus Osifo voiced strong concern during a press conference in Abuja, blaming political interference for the ongoing shutdowns of state-owned refineries, especially Port Harcourt Refinery. He noted that despite $2.5 billion being invested in rehabilitation over the years, refineries remain largely unproductive. The Port Harcourt facility, currently shut for 30-day maintenance, is expected to resume operations next week.
Osifo insisted that the current petrol price, now ranging between ₦875 and ₦905 nationwide, should not exceed ₦750 per litre. He decried the disconnect between falling crude oil prices and stagnant pump prices, highlighting that even when crude dropped from $80 to $60 per barrel, retail prices remained high.
He accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of failing to enforce proper oversight under the deregulated market, allowing marketers to arbitrarily fix prices. Osifo explained that crude oil and exchange rates account for 80% of fuel pricing, adding that based on current international benchmarks like Platts, petrol should be sold between ₦700 and ₦750 per litre.
He called on NMDPRA to publish pricing templates regularly to enhance transparency and accountability.
PENGASSAN also raised alarm over growing insecurity in Nigeria’s oil-producing regions, especially along waterways. Osifo warned that the threat is prompting international oil companies to exit the country, despite the government’s introduction of cost-saving incentives aimed at retaining investors.
ADEOLA KUNLE
