Korede Abdullah in Lagos
Retail outlets owned by the Nigerian National Petroleum Company Limited (NNPC) have adjusted petrol pump prices to new highs, with Abuja outlets now selling at N945 per litre and Lagos outlets at N915.
Africa Health Report (AHR) gathered that the new rates boldly displayed at NNPC filling stations, including the mega station along Obasanjo Way in Abuja and outlets on the Badagry Expressway in Lagos.
“Consumers are feeling the heat as the cost of transportation and living keeps climbing,” said a commuter at one of the stations.
The price hike comes in the wake of the Dangote Refinery increasing its ex-depot price to N880 per litre, sparking similar moves across the sector.
Private depots, including Wosbab, Pinnacle, and NIPCO, now peg prices between N920 and N925 per litre.
“Private depots are likely to increase petrol price to N1,000 in the coming days with the current trend observed in the market,” warned Olatide Jeremiah, CEO of PetroleumPrice.ng.
He added, “If crude price increases to $80 or exceeds that threshold, Nigerians would pay N1,000 at depots.”
The global oil market remains volatile, with tensions between the US and Iran pushing crude prices close to the $80 per barrel mark.
A weekend airstrike on Iranian nuclear sites has deepened concerns over supply disruptions. Jeremiah noted, “The price surge seen last week was basically because Dangote stopped selling for some days… Dangote remains a major determinant of petrol price.”
Independent marketers warn that unless urgent interventions occur, Nigerians could soon face petrol prices above N1,000 per litre, worsening inflationary pressures on commuters, businesses, and households.
