The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol to N945 per litre in Abuja and N915 per litre in Lagos, signalling a fresh round of price hikes across the downstream oil sector.
The new rates, which took effect on Monday, represent a N35 and N45 increase from the previous prices of N910 and N870 per litre in Abuja and Lagos, respectively.
This latest adjustment follows the Dangote Petroleum Refinery’s recent hike in its ex-depot petrol price from N825 to N880 per litre, a move that has triggered broader market responses.
Private fuel marketers have also followed suit. In Lagos, MRS filling stations—closely aligned with Dangote Refinery—raised their pump price to N925 per litre, up from N875. TotalEnergies now sells at N910, while Oluwafemi Arowolo Petroleum in Iba set its new price at N920 per litre.
Depot sources confirmed that key supply hubs such as Wosbab, Pinnacle, and NIPCO have revised their PMS ex-depot prices to between N920 and N925 per litre as of June 23. The adjustment is attributed to rising upstream costs and volatility in global crude oil prices.
The international oil market has been rattled by renewed geopolitical tensions, particularly following a reported U.S.-Israeli airstrike on Iranian nuclear sites. The incident has raised fears of supply disruptions and pushed crude prices toward the $80 per barrel mark.
Amid these developments, concerns are growing that pump prices may soon surpass N1,000 per litre unless urgent action is taken.
Independent marketers warn that the current pricing trend, coupled with a weakening naira and surging global oil prices, could further strain Nigerian consumers.
Olatide Jeremiah, CEO of PetroleumPrice.ng, expressed concern over speculative pricing by private depot operators.
“If crude crosses $80 per barrel, we could see depot prices hit N1,000. This will inevitably affect retail prices,” he warned.
Jeremiah added that recent disruptions in supply from the Dangote Refinery contributed to the earlier price spike but noted that the refinery has resumed sales at N880 for two million litres.
With the deregulated petroleum sector remaining highly sensitive to market fluctuations, analysts warn that continued instability in pricing could intensify inflationary pressures, affecting transportation costs, business operations, and household budgets across the country.