The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of petrol to N945 per litre in Abuja and N915 per litre in Lagos.
This represents a N35 increase in Abuja and a N45 hike in Lagos from the previous prices of N910 and N870 per litre, respectively.
The price adjustment comes after Dangote Petroleum Refinery increased its ex-depot price of petrol from N825 to N880 per litre. Other retail outlets have also adjusted their prices:
- MRS Filling Stations: N925 per litre in Lagos, up from N875.
- TotalEnergies: N910 per litre.
- Oluwafemi Arowolo Petroleum: N920 per litre.
The price hike is attributed to rising upstream costs and international crude prices, which may soon cross the $80 per barrel threshold due to escalating conflicts between the US and Iran.
Independent marketers warn that petrol prices could climb above N1,000 per litre if there's no swift intervention.
The Chief Executive Officer of PetroleumPrice.ng, Olatide Jeremiah, stated, “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.”
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