The Nigerian National Petroleum Company Limited has increased petrol prices at its retail outlets, with Premium Motor Spirit now costing ₦945 per litre in the Federal Capital Territory and ₦915 per litre in Lagos.
This reflects a ₦35 hike in Abuja (from ₦910) and a ₦45 hike in Lagos (from ₦870).
The adjustment follows Dangote Petroleum Refinery’s recent increase in its ex-depot price from ₦825 to ₦880 per litre, prompting broader market shifts, according to The Punch.
The new prices, displayed at NNPC stations like those in Kubwa (Abuja) and Igando (Lagos), add further pressure on consumers already facing high living and transportation costs.
In Lagos, stations located in Igando and along the Badagry Expressway reflected the revised N915 per litre rate.
Private retail outlets also felt the impact, as MRS filling stations — a strategic partner of the Dangote Refinery — increased pump prices in Lagos from ₦875 to ₦925 per litre.
TotalEnergies also responded with a new pump price of ₦910, while independent marketers like Oluwafemi Arowolo Petroleum in Iba increased theirs to ₦920 per litre.
Alarmed by the trend, independent marketers have cautioned that without prompt intervention, petrol prices could exceed ₦1,000 per litre in the coming weeks, fueled by rising global oil prices and a depreciating naira.
The Chief Executive Officer of PetroleumPrice.ng, Olatide Jeremiah, stated, “Private depots are likely to increase petrol price to N1,000 in the coming days with the current trend observed in the market. If by tomorrow morning, crude price increases to $80 or exceeds that threshold, Nigerians would pay N1,000 at depots.
“The situation means they will take advantage of Nigerians, but we can only hope that Dangote maintains its current price, that is the only way depot owners won’t jack up the price anyhow. The price surge seen last week was basically because Dangote stopped selling for some days. But it has opened up its portal and is now selling at N880 for two million litres. Dangote remains a major determinant of petrol price.”
