Filling stations have increased petrol prices to N900 per litre and above, despite a recent drop in crude oil prices since Sunday.

Some retail outlets operated by the Nigerian National Petroleum Company Limited raised petrol prices to N900 per litre in Lagos and Ogun states, even as crude oil prices fell from nearly $69 to $66 per barrel.

Partners of the Dangote refinery, including Ardova and Heyden, pushed prices beyond N900 per litre. Our correspondent noted that AP, a Dangote refinery partner, sold petrol at N925 per litre in Mowe, Ogun State, while Heyden charged N910.

It is reported that filling stations along the Lagos-Ibadan Expressway showed varying petrol prices on Monday, confirming a new pricing regime despite no significant increase in crude oil prices or the naira-dollar exchange rate.

Marketers said said that prices could drop later this week, according to The Punch.

Last week, petrol was sold below N900 at many filling stations in Lagos, Ogun, and nearby areas, while prices remained higher in the South-East, South-South, and North.

As of yesterday, TotalEnergies sold petrol at N910 per litre, Asharami at N905. NIPCO and Fatgbems had not yet reached N900, selling at N890 and N892 respectively. Enyo priced petrol at N915 per litre.

On Friday, the Dangote refinery confirmed raising its ex-depot petrol price from N820 to N850, without providing a reason for the increase.

Latest data from Petroleumprice.ng showed that petrol depot prices among selected suppliers averaged N855 per litre, with prices ranging from N850 at Aiteo to as high as N870 at Sobaz and Mainland depots, reflecting slight variations across major locations.

Other listed depot prices include NIPCO Lagos at N852, Northwest at N860, Alkanes at N860, Ever at N863, TSL at N864, Pinnacle at N851.5, Menj at N852, and Sahara at N855 per litre.

Brent crude futures settled 16 cents higher at $66.59 per barrel, a 0.2% increase, while US West Texas Intermediate crude remained steady at $63.88. Earlier, US crude had fallen over 1% after reports that Washington and Moscow aimed to strike a deal to end the war in Ukraine, potentially cementing Russia’s control over occupied territories.

The National Publicity Secretary of the Petroleum Products Retail Outlet Owners Association of Nigeria, Joseph Obele, said marketers expect fuel prices to drop this week.

He explained that fuel prices rose due to a crude price increase about 10 days ago, but since crude prices fell again recently, pump prices should be lowered accordingly.

“Last weekend, there was a rise in the price of crude oil. So, arising from that, the refineries responded by adjusting their price upwards. A few days later, the price dropped again, arising from the meeting between Trump and the Russian Ambassador.

“What affected the price was the threat given by President Donald Trump to the Russian president. So, we saw an upward review and a few days later, when the threat subsided, traders reviewed the existing price downward. So, tomorrow, next tomorrow, we hope to see a downward review of the price of petroleum products,” he said.