By Adenike Lawal
The Nigerian National Petroleum Company Limited (NNPCL), has increased the pump price of petrol to ₦945 per litre in Abuja and ₦915 in Lagos, citing rising upstream and global market pressures.
The new rates, implemented at NNPC retail stations on Monday, mark a sharp hike from ₦910 in Abuja and ₦870 in Lagos, adding to the burden on consumers grappling with surging living costs.
This adjustment follows Dangote Petroleum Refinery’s ex-depot price increase from ₦825 to ₦880 per litre, prompting similar upward shifts across the downstream sector.
At NNPCL stations in Kubwa and Obasanjo Way, Abuja, the new price of ₦945 was clearly displayed.
Lagos stations, including those on Badagry Expressway and in Igando, reflected the ₦915 per litre rate.
Private retailers have also responded. MRS adjusted its price to ₦925, TotalEnergies to ₦910, and smaller independents like Oluwafemi Arowolo Petroleum to ₦920.
Depot prices from major operators including Pinnacle, NIPCO, and Wosbab have climbed to ₦920-₦925 per litre. The increase is driven by global crude oil price hikes and a weakening naira, compounded by geopolitical tensions such as recent U.S.-Israeli airstrikes on Iranian nuclear sites.
Fuel pricing analyst Olatide Jeremiah warned that depot prices could hit ₦1,000 per litre if Dangote suspends supply or if global oil prices continue to surge.
“This is just the beginning,” Jeremiah said. “Without intervention, petrol could soon be out of reach for many Nigerians.”
The price hike is expected to worsen inflation and drive up transport, food, and service costs, deepening economic hardship for households across the country.
