- NNPC and independent marketers have hiked petrol prices to as high as N955/litre in major cities in Nigeria
- Depot price increases were said to have been driven by rising crude costs and Dangote Refinery adjustments
- Contributing to this instablity was the Middle East tension, which deepened local market volatility
Petrol prices in Nigeria soared again on Monday, June 23, with retail outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers implementing fresh upward adjustments across major cities.
In the Federal Capital Territory, NNPC stations raised the pump price of Premium Motor Spirit (PMS) to N945 per litre, while the same product sold for N915 per litre at their outlets in Lagos. This represents a jump of N35 and N45 in Abuja and Lagos respectively, from the previous rates of N910 and N870 per litre.
Independent marketers were also not left out, increasing their prices by as much as N60. In Abuja, fuel was sold at N955 per litre, up from N895. In Lagos, prices varied between N915 and N950, depending on the dealer and location.
Observers reported similar price hikes in the South-West, where outlets linked to Dangote Refinery partners such as MRS, AP, and Heyden sold fuel at N925 per litre in Lagos and N935 in Ogun.
NNPC retail stations along Obasanjo Way and in the Kubwa Federal Housing area of Abuja clearly displayed the new N945 per litre price tag. On Airport Road, major independent dealers including A.Y.M. Shafa, A.A Rano, and NIPCO set prices at N955, while partners of Dangote Refinery, such as Optima and MRS, maintained N945.
In Lagos, several private and independent filling stations followed suit. At Igando and along the Badagry Expressway, stations revised their pump price to N915. MRS and TotalEnergies raised prices to N925 and N910 respectively, while other independent outlets like Oluwafemi Arowolo Petroleum sold petrol at N920.
The new pricing trend follows an earlier increase by Dangote Refinery, which adjusted its ex-depot price from N825 to N880 per litre, prompting a domino effect across the downstream sector.
Depot prices have also surged, with major supply terminals like NIPCO, Pinnacle, and Wosbab in Lagos now selling PMS at between N920 and N925 per litre, up from previous levels. Dangote’s depot closed at N905, while NIPCO led with a 2.72% increase, adding N25 per litre.
Some other depots such as TSL, Ever, and Fynefield pushed their prices as high as N940, though a few, including Rainoil and First Fortune, held steady at N920.
Industry analysts warn that the continued price hikes could worsen inflation and deepen the economic burden on consumers, particularly in transportation and household spending.
On the international front, escalating geopolitical tensions are adding fuel to the fire. Over the weekend, a joint US-Israeli airstrike on Iranian nuclear facilities prompted retaliatory missile attacks from Iran on American military bases in Qatar and Iraq. Qatar’s government has since condemned the strikes as a violation of its sovereignty.
Despite the heightened tensions, crude oil prices dropped slightly, with Brent crude falling to $71.66 per barrel and West Texas Intermediate (WTI) declining to $68.32.
Speaking on the issue, Olatide Jeremiah, CEO of PetroleumPrice.ng, criticised the domestic pricing strategy, stating, “The increase in global crude oil prices is around three per cent, yet depot owners have inflated their rates by over 10 per cent. This speculative pricing is unsustainable and will eventually be borne by everyday Nigerians.”
As the market continues to react to global and domestic pressures, stakeholders fear that fuel prices may continue their upward trajectory, potentially breaching the N1,000 per litre mark if current trends persist.
Dangote Refinery announces new fuel prices at partner retail outlets nationwide
In an earlier report by TheRadar, Dangote Petroleum Refinery announced the new prices for a litre of fuel across its partner retail outlets nationwide.
According to a post shared by the Dangote Refinery on X on Thursday, May 22, the fresh N15 reduction across all regions will see the new rates range from N875 to N905 per litre, depending on location.
The refinery listed its partner retail outlets as MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy.
