Petrol Price Surge: Nigerians Now Paying Up to N955/Litre
Nigerians are once again feeling the heat as petrol prices have surged across the country, with pump prices reaching as high as N955 per litre in Abuja and up to N950 in Lagos. This new wave of price hikes comes after major marketers and the Nigerian National Petroleum Company Limited (NNPCL) adjusted their pump rates following a significant increase in ex-depot prices by the Dangote Petroleum Refinery.
New Petrol Prices by Location
Abuja:
NNPCL outlets: N945 per litre
Independent marketers: Up to N955 per litre
Stations along Airport Road (A.Y.M Shafa, NIPCO, A.A Rano): Uniformly selling at N955
Lagos:
NNPCL outlets: N915 per litre
MRS, TotalEnergies, Optima, Heyden: Between N910 – N925
Private retailers (e.g., Oluwafemi Arowolo Petroleum): Up to N920
Dangote partners: N925 per litre
Prices in Ogun State and parts of the South-West mirrored Lagos trends, ranging from N915 to N935 per litre.
Why Petrol Prices Are Rising in Nigeria
The price increase is attributed to multiple factors:
1. Ex-depot price hikes: Dangote Refinery raised its ex-depot price from N825 to N880/litre, prompting other depots and marketers to follow suit.
2. Depot volatility: Supply hubs in Lagos (WOSBAB, Pinnacle, NIPCO) now list prices between N920 and N940/litre.
3. Crude oil market instability: Global oil prices are reacting to escalating geopolitical tensions between the United States, Israel, and Iran.
4. Speculative pricing: Depot operators are reportedly inflating costs in response to uncertainty, with increases exceeding 10% despite crude oil price rising by only 3%.
Global Tensions Fuel Market Panic
Recent military strikes in the Middle East have heightened fears of supply chain disruptions:
The U.S. and Israel allegedly targeted Iranian nuclear facilities.
Iran retaliated by launching missiles at U.S. bases in Qatar and Iraq.
Qatar confirmed the attack on the Al Udeid airbase, calling it a "flagrant violation."
This geopolitical instability is pushing global oil markets into panic mode, though somewhat paradoxically, Brent crude and WTI crude both fell:
Brent crude: $71.66/barrel
WTI crude: $68.32/barrel
Depot Operators Accused of Price Gouging
Olatide Jeremiah, CEO of PetroleumPrice.ng, condemned the speculative pricing tactics:
“The percentage increase in crude oil price is just 3%, but depot owners have raised prices by over 10%. It’s abnormal and unsustainable.”
He warned that pump prices could escalate even further if unchecked, fueling inflation and compounding hardship for millions of Nigerians already struggling with high transportation and living costs.
Impact on Nigerians
The hike in fuel prices is having a cascading effect on:
Transportation fares
Cost of goods and services
Household budgets
With no subsidies in place and a deregulated petroleum market, Nigerians are left to bear the full brunt of market volatility.
Conclusion
As petrol prices skyrocket, Nigerians are caught between a deregulated market and a volatile global oil environment. With prices now nearing N1,000/litre, the pressure on commuters, businesses, and low-income households is intensifying. Unless supply stabilizes or regulatory action is taken, the worst may not be over.
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