NNPCL Increased Petrol Prices In Abuja And Lagos

Retail stations operated by the Nigerian National Petroleum Company Limited have implemented a price hike for Premium Motor Spirit, commonly referred to as petrol, raising it to N945 per litre in the Federal Capital Territory as of Monday.

In Lagos, the company also revised its pump price for petrol to ₦915 per litre across multiple retail locations, indicating a new upward trend in the downstream segment of the market.

This latest change reflects a fresh increase of N45 in Lagos and N35 in Abuja from their earlier prices of N870 and N910 per litre, respectively.

The adjustment follows closely on the heels of Dangote Petroleum Refinery’s decision to raise its ex-depot petrol price from N825 to N880 per litre, prompting a broader market reaction.

The revised pricing was implemented at various NNPC-owned filling stations, further compounding the financial burden on consumers already dealing with high transportation and living costs.

At the NNPC retail station in the Federal Housing area of Kubwa, Abuja, the new price of N945 per litre was clearly displayed. A similar adjustment was observed at the state-owned mega station along Obasanjo Way.

In Lagos, the updated rate of N915 per litre was reflected at stations located in Igando and along the Badagry Expressway.

The ripple effect was also visible across private retail outlets. MRS filling stations, a strategic partner of the Dangote refinery, raised pump prices to N925 per litre in Lagos, up from N875.

TotalEnergies has adjusted its petrol price to N910 per litre, while other retailers, such as Oluwafemi Arowolo Petroleum in Iba, have raised their prices to N920 per litre.

According to depot sources, key supply hubs in Lagos, including Wosbab, Pinnacle, and NIPCO, have set ex-depot prices for PMS between N920 and N925 per litre as of June 23, attributing the increase to rising upstream costs and global crude oil prices.

Globally, the ongoing tensions between the United States and Iran are unsettling the oil market, with analysts forecasting that crude oil prices could soon surpass $80 per barrel. A recent airstrike, reportedly conducted by US-Israeli forces on Iranian nuclear facilities, has heightened concerns about potential supply disruptions.

Independent marketers have expressed alarm over the trend, cautioning that without prompt intervention, petrol prices could exceed N1,000 per litre in the near future, driven by escalating global oil prices and a depreciating naira.

Olatide Jeremiah, CEO of PetroleumPrice.ng, remarked, “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.”

The repeated increases are expected to heighten inflationary pressures, placing a heavier burden on commuters, businesses, and households already grappling with the effects of a deregulated yet volatile petroleum market.