Petrol Price Surges to N955/Litre as Marketers, NNPCL Implement Hike
Petrol Price Surges to N955/Litre as Marketers, NNPCL Implement Hike
Retail stations operated by the Nigerian National Petroleum Company Limited (NNPCL) on Monday raised the pump price of Premium Motor Spirit (petrol) to N945 per litre in the Federal Capital Territory.
In Lagos, NNPCL outlets also adjusted their petrol price to N915 per litre, reflecting a fresh increase of N35 and N45 in Abuja and Lagos, respectively. Previously, petrol was sold at N910 per litre in Abuja and N870 in Lagos, marking a significant upward shift in the downstream retail market.
Also, independent marketers effected an increase of N60 from N895 per litre to N955 per litre in Abuja. In Lagos, the costs ranged from N915 to N950, depending on the station of the independent oil dealer.
The press reports that as of Monday, petrol prices hovered between N915 and N950 in Lagos, Ogun and other parts of the South-West. Dangote’s partners, such as MRS, Heyden, AP and others, sold petrol at N925 per litre in Lagos and N935 in Ogun.
One of our correspondents observed that the NNPC also jerked up its price on Monday, selling a litre of petrol at N915 in Lagos. Filling stations said they were wary of the price volatility, saying they had to raise prices, though the current stock was purchased before the price surge.
The price adjustments come just days after the Dangote Petroleum Refinery increased its ex-depot price of petrol from N825 to N880 per litre, sparking an industry-wide response.
Our correspondents observed that the new pricing was implemented across several NNPC-owned filling stations and independent marketers, intensifying the financial strain on consumers already grappling with high transportation and living costs.
At the NNPC retail outlet in the Federal Housing area of Kubwa, Abuja, the new price of N945 per litre was boldly displayed, with similar adjustments noted at the state-owned mega station along Obasanjo Way.
Along the popular airport road, The PUNCH observed that A.Y.M. Shafa, A. A Rano and NIPCO sold their petroleum products at a uniform price of N955 per litre. However, strategic partners with the Dangote refinery, such as Optima and MRS, offered their products at N945 per litre.
In Lagos, stations located in Igando and along the Badagry Expressway reflected the revised N915 per litre rate. 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 followed suit with a new price of N910, while other marketers like Oluwafemi Arowolo Petroleum in Iba pushed rates to N920 per litre.
Meanwhile, petrol pump price is likely to skyrocket soon as Depot sources confirmed to
the press that major supply hubs in Lagos, including Wosbab, Pinnacle, and NIPCO, have now set PMS ex-depot prices between N920 and N925 per litre as of June 23, citing rising upstream costs and international crude prices.
According to new data obtained from petroleumprice.ng, Dangote depot closed sales at N905 per litre, NIPCO Lagos topped the list with a N25 per litre jump, representing a 2.72 per cent increase, the highest among all surveyed outlets.
Other depots such as Fynefield, TSL, and Ever also recorded noticeable increases, pushing petrol depot prices as high as N940/litre in some locations. While a few depots like First Fortune, WOSBAB, and Rainoil Lagos have managed to hold prices steady at N920/litre.
The continued upward adjustments in petrol prices are expected to intensify inflationary pressures, placing additional strain on commuters, businesses, and households already grappling with a deregulated yet unstable petroleum market.
Globally, rising tensions between the United States and Iran are further unsettling the oil market. Analysts now warn that crude oil prices may soon surpass the $80 per barrel mark. Over the weekend, a reported airstrike by US-Israeli forces on Iranian nuclear facilities heightened fears of potential supply disruptions.
In retaliation, Iran launched six missiles targeting US military bases in Qatar and Iraq. Explosions were reported over Doha following the missile strike on a US base in Qatar. The Qatari government confirmed the attack on the US-run Al Udeid base, denouncing it as a “flagrant violation.”
Meanwhile, oil prices surged to their highest levels since January following the weekend attacks, with Washington joining Israel in targeting Iran’s nuclear sites. Despite the initial spike, Brent crude futures unexpectedly dropped to $71.66 per barrel, while WTI crude fell to $68.32 per barrel.
Olatide Jeremiah, Chief Executive Officer of PetroleumPrice.ng, remarked, “Tensions are high at the depots, and marketers are engaging in speculative pricing to maximize profits. The surge in depot fuel prices is disproportionate—while crude oil has risen by only 3 percent, importers and depot owners have increased prices by over 10 percent. Ultimately, these increases will trickle down to pump prices.”
