NNPCL Increases Fuel Cost, Abuja Hits ₦945 Per Litre, Lagos ₦915
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦945 per litre in Abuja and ₦915 per litre in Lagos. The new prices were implemented on Monday across multiple NNPC-owned retail outlets, marking fresh spikes of ₦35 and ₦45 in Abuja and Lagos respectively.
The development follows a recent hike in the ex-depot price of petrol by the Dangote Petroleum Refinery, which raised its rate from ₦825 to ₦880 per litre. This upstream adjustment triggered ripple effects throughout the downstream sector.
Our correspondent confirmed the new prices during visits to several filling stations. In Abuja, the Federal Housing area station in Kubwa and the NNPC Mega Station along Obasanjo Way prominently displayed the revised ₦945 per litre rate. In Lagos, retail outlets in Igando and along the Badagry Expressway reflected the new ₦915 per litre benchmark.
Private marketers have followed suit. MRS filling stations—affiliated with Dangote refinery—adjusted pump prices to ₦925 per litre in parts of Lagos, up from the previous ₦875. TotalEnergies now sells at ₦910, while independent stations like Oluwafemi Arowolo Petroleum in Iba have increased prices to ₦920.
Depot operators in Lagos confirmed to The PUNCH that ex-depot prices are now ranging between ₦920 and ₦925 per litre at major hubs including Wosbab, Pinnacle, and NIPCO. They attributed the surge to rising global crude prices and operational shifts in domestic supply chains.
Global oil markets remain tense amid escalating geopolitical tensions. An airstrike reportedly carried out by US-Israeli forces on Iranian nuclear facilities has intensified fears of supply disruption. Analysts now expect crude oil prices to breach the $80 per barrel mark, a threshold that could further strain fuel affordability in Nigeria.
Industry experts have raised alarms over the trajectory of petrol prices. Olatide Jeremiah, CEO of PetroleumPrice.ng, warned that prices at private depots could exceed ₦1,000 per litre if global oil prices continue to rise.
“Private depots are likely to increase petrol price to ₦1,000 in the coming days with the current trend,” he said. “If crude crosses the $80 mark, depot prices will follow. Only Dangote’s continued price stability can prevent depot owners from arbitrarily inflating prices.”
He added that a brief halt in Dangote’s sales last week contributed to the recent price spike, but the refinery has resumed operations, currently selling petrol at ₦880 for bulk volumes of two million litres.
The recurring fuel price hikes are adding to Nigeria’s inflation woes, with commuters, businesses, and households grappling with rising costs in a deregulated and increasingly volatile petroleum market.
