Fuel Price Soars to N955 per Litre, Nigerians Gasp as Costs Climb Again
Nigerians woke up Monday morning to yet another surge in the cost of petrol, as retail outlets operated by the Nigerian National Petroleum Company Limited (NNPC) adjusted the pump price of Premium Motor Spirit (PMS) to N945 per litre in Abuja, and N915 per litre in Lagos.
Independent marketers didn’t hold back either. Several stations across Abuja were spotted selling petrol for a jaw-dropping N955 per litre — a sharp leap from the previous N895. In Lagos, prices varied from N915 to N950, depending on location and brand.
The spike is the latest in a series of fuel price adjustments that continue to squeeze wallets and push up the cost of living in an already struggling economy. In the South-West — including Lagos, Ogun, and parts of Ondo — pump prices hovered between N915 and N950. Strategic partners of the Dangote Refinery such as MRS, Heyden, and AP joined the upward climb, selling at N925 per litre in Lagos and N935 in Ogun.
NNPC outlets weren’t left out of the trend. Their retail station in Kubwa’s Federal Housing area boldly displayed the new N945 per litre rate, with similar figures seen at the mega station along Obasanjo Way in the heart of Abuja. Along the bustling airport road, big-name marketers like A.Y.M. Shafa, A. A Rano, and NIPCO aligned their meters at N955 per litre, while Optima and MRS kept theirs at N945.
In Lagos suburbs like Igando and routes along the Badagry Expressway, the revised price of N915 per litre was now the new normal. Even TotalEnergies and smaller players like Oluwafemi Arowolo Petroleum in Iba followed suit, with prices pegged at N910 to N920 per litre.
So, what’s fueling this fresh hike?
All fingers point to the recent move by the Dangote Petroleum Refinery, which quietly raised its ex-depot price — the rate at which marketers buy from the depot — from N825 to N880 per litre. That single decision sent a ripple across the entire industry, triggering an immediate chain reaction.
Depot sources told newsmen that hubs such as Wosbab, Pinnacle, and NIPCO in Lagos have now pushed ex-depot prices up to N925 per litre, blaming the jump on rising upstream costs and global crude market volatility. Some facilities, like Fynefield and Ever, have even crossed the N940 per litre mark. Only a few depots like Rainoil and First Fortune are managing to hold their prices steady at N920.
Data from petroleumprice.ng shows Dangote’s depot sales closed at N905, while NIPCO Lagos saw a dramatic spike of N25 per litre, marking a 2.72 percent increase — the highest among all outlets surveyed.
These relentless price adjustments are more than just numbers on a fuel pump. For millions of Nigerians, it means increased transportation costs, higher prices for goods, and greater financial pressure across all sectors.
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To make matters worse, the international oil market is caught in the crossfire of a brewing geopolitical storm. Over the weekend, tensions between the United States and Iran escalated, with reports of joint US-Israeli airstrikes on Iranian nuclear sites. Iran retaliated swiftly, launching six ballistic missiles at American bases in Qatar and Iraq. Explosions were reported in Doha, and Qatar confirmed that its US-run Al Udeid airbase was hit, calling the attack a “flagrant violation.”
Oil traders worldwide braced for market chaos. Ironically, despite the turbulence, Brent crude prices dropped to $71.66 per barrel, and WTI crude slipped to $68.32, both falling to their lowest levels since January.
Still, the local impact is undeniable.
“The mood at the depots is tense,” said Olatide Jeremiah, Chief Executive of PetroleumPrice.ng.
“Marketers are speculating and cashing in. The global crude oil price only rose by about 3 percent, yet importers and depot owners have jacked up fuel prices by more than 10 percent. This kind of abnormal surge will eventually hit consumers even harder at the pump.”
As fuel prices flirt with the N1,000 per litre mark, Nigerians are left grappling with a pressing question: How much higher can it go?
