Fuel Rockets To ₦1,150/Litre: NNPCL And Marketers Hike Prices Nationwide

The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of Premium Motor Spirit (petrol) for the second time in less than 24 hours, following a recent increase in gantry prices by Dangote Petroleum Refinery.

According to industry sources, NNPCL retail outlets across Abuja and surrounding areas adjusted the pump price from ₦967 to ₦1,082 per litre. This latest increment represents a ₦115 rise, coming shortly after an earlier adjustment from ₦960 to ₦967 per litre. Within less than a week, NNPCL stations have increased petrol prices by ₦207 per litre, reflecting mounting pressures in the downstream petroleum sector.

Observations at NNPCL stations along Kubwa Expressway, Gwarimpa, Wuse Zone 6, Wuse Zone 4, and Lifecamp revealed that the new rates have sparked concerns among motorists and consumers already facing rising fuel costs nationwide. Independent marketers have also revised their pump prices following the refinery’s adjustments. Stations operated by MRS Oil Nigeria, AA Rano, and Empire Energy have reportedly increased petrol prices at least twice, with current rates ranging between ₦1,092 and ₦1,150 per litre, up from an earlier range of ₦960 to ₦980 per litre.

The adjustments follow a significant rise in Dangote Refinery’s ex-depot petrol price, which increased by ₦121 per litre from ₦874 to ₦995, driven by surging international crude oil prices, now above $90 per barrel. Analysts note that such gantry price increases typically influence retail rates as marketers adjust to higher replacement costs.

Reacting to the development, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, linked the surge in petrol prices to global crude oil volatility. He explained that geopolitical tensions in the Middle East, particularly the Iran–US–Israel conflict, have affected crude supply in the Gulf region, prompting the refinery and retailers to adjust prices. He further called on Nigerian regulators to intervene and stabilize the market to prevent further fluctuations in fuel costs.