Petrol In Chaos: See Prices Across Lagos, Kano, And Ogun Revealed

Petrol In Chaos: See Prices Across Lagos, Kano, And Ogun Revealed

The complete deregulation of Nigeria’s petrol sector has led to soaring fuel prices, which vary significantly across regions and filling stations. With prices reaching unprecedented levels, many Nigerians are feeling the pinch in their daily expenses, exacerbating the ongoing cost-of-living crisis.……..CONTINUE READING 

Recent Developments
The recent spike in fuel prices is primarily due to the full implementation of the Petroleum Industry Act by President Bola Tinubu’s administration, which eliminated government subsidies and the Petroleum Equalisation Fund. Prior to deregulation, these subsidies helped maintain stable fuel prices nationwide, regardless of regional differences. However, since the policy shift, petrol prices have skyrocketed from ₦190 per litre in May 2023 to over ₦1,100 in some areas—an astonishing increase of 450% in under two years.

This surge in prices has triggered inflation, making basic goods and services unaffordable for many Nigerians. As inflation rates soar to record levels, citizens report struggles to manage escalating costs for essential items.

Nigeria’s dependence on imported petrol, due to non-operational state refineries, significantly contributes to rising fuel costs. Although there were hopes that the newly completed 650,000-barrel-per-day Dangote Refinery would ease the situation, prices have continued to climb, particularly following the Nigerian National Petroleum Company Limited’s (NNPCL) withdrawal from its exclusive supply agreement with the refinery.

A recent survey by Premium Times highlighted considerable price variations across states, influenced by factors such as proximity to supply depots, transportation costs, and local demand. For instance, petrol prices in some northern regions are markedly higher than in the south, further widening regional economic disparities.

In Lagos, Nigeria’s commercial hub, NNPC retail outlets were selling petrol at ₦998 per litre, the lowest price nationwide, due to their proximity to supply depots. In contrast, the same outlets charged ₦1,030 per litre in Abuja, the federal capital. Other prices included ₦1,050 in Nasarawa, ₦1,060 in both Kano and Akwa Ibom, ₦1,025 in Ogun, and ₦1,065 in Enugu, with an average price of ₦1,038 at NNPC filling stations across the country.

In Kano, Total Energy charged ₦1,130 per litre, while in Uyo, the price was ₦1,149. A.A. Rano maintained the same price of ₦1,150 in both cities. Rain Oil sold petrol at ₦1,250 per litre in Nasarawa, ₦1,200 in Uyo, and ₦1,100 in Ogun State.

In Akwa Ibom, AP retail outlets in Uyo were charging ₦1,145, while Tran-Sossa and Earthwell sold at ₦1,240 and ₦1,250, respectively. In Lagos, AP and Mobil sold at ₦1,090 and ₦1,100 for the same quantity. In Ogun, the NNPC outlet in Olowotede sold petrol at ₦1,025 per litre, while other outlets like Rain Oil and Rock Oil charged ₦1,100 and ₦1,200, respectively.

In Enugu, a Mobil filling station along Zik Avenue sold petrol for ₦1,200, whereas Chritin Petroleum Company on Obiagu Road sold it for ₦1,220 during a visit by Premium Times.