Retail stations run by the Nigerian National Petroleum Company Limited have raised the pump price of Premium Motor Spirit, known commonly as petrol, to N945 per litre in Abuja as of Monday.
The same price increase was noticed at various NNPCL outlets across Lagos, where petrol is now selling for N915 per litre. This new development marks a jump of N35 in Abuja and N45 in Lagos, compared to the previous prices of N910 and N870 respectively.
This fresh hike in fuel prices comes shortly after Dangote Petroleum Refinery raised its ex-depot rate from N825 to N880 per litre. Industry watchers believe this move triggered a chain reaction across the downstream oil market, causing other retailers to review their prices upwards as well.
The retail outlet located in the Federal Housing area of Kubwa had its pumps adjusted to N945 per litre, with clear displays showing the change. A similar situation was noticed at the state-run mega station along Obasanjo Way.
In Lagos, the revised N915 rate was visible at filling stations in Igando and along the Badagry Expressway. These areas have also been affected by rising fuel prices at private stations.
Not just NNPCL stations, but other marketers are also adjusting their prices. MRS, which works closely with the Dangote refinery, has increased its pump rate to N925 per litre, up from N875. TotalEnergies outlets are now dispensing fuel at N910 per litre, while other marketers such as Oluwafemi Arowolo Petroleum in Iba are selling for N920.
Depot insiders shared that leading suppliers like Pinnacle, NIPCO, and Wosbab in Lagos have adjusted their ex-depot prices to between N920 and N925 as of June 23. These changes are mostly linked to higher upstream costs and the rising price of crude oil on the international market.
Meanwhile, global events are further affecting the fuel market. Tensions between the United States and Iran have unsettled crude oil prices. Reports say a weekend strike involving US and Israeli forces on Iranian nuclear sites has added to fears about disruptions in oil supply, with experts warning that crude might soon go beyond $80 per barrel.
Independent fuel marketers have shown concern over the rising prices. They warned that without a quick solution, petrol prices may cross N1,000 per litre. They blame the trend on the weakening naira and growing costs globally.
