The Nigerian National Petroleum Company Limited (NNPCL) retail outlets have once again increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, sparking fresh concerns among consumers.
As of Monday, June 24, petrol was being sold at N945 per litre at NNPC filling stations in the Federal Capital Territory (FCT), while in Lagos, prices were adjusted to N915 per litre, representing a sharp increase of N35 in Abuja and N45 in Lagos from previous prices of N910 and N870 respectively.
Independent marketers also raised their prices, with some stations in Abuja now dispensing petrol at N955 per litre, up by N60 from N895. In Lagos and nearby states such as Ogun, prices ranged from N915 to N950, depending on the marketer and location.
Dangote refinery’s strategic partners — including MRS, AP, Heyden, and others — were seen selling fuel at N925 in Lagos and N935 in Ogun. Observations across several retail outlets show uniform adjustments, even though many of the marketers said the fuel being sold was purchased before the recent price spike.
The current surge follows an increase in the ex-depot price by the Dangote Petroleum Refinery from N825 to N880 per litre, prompting a ripple effect across the downstream petroleum market. Depot operators in Lagos, including WOSBAB, Pinnacle, and NIPCO, have since raised their depot prices to between N920 and N925 per litre, citing rising crude oil costs and market volatility.
According to data from PetroleumPrice.ng, some depots like NIPCO Lagos recorded a N25 per litre jump, a 2.72% increase — the highest among surveyed outlets. Other depots like Fynefield, Ever, and TSL also pushed prices as high as N940 per litre, although a few such as First Fortune and Rainoil maintained prices around N920.
In Abuja, stations like A.Y.M. Shafa, A.A. Rano, and NIPCO were seen selling petrol at N955 per litre, while Dangote-affiliated stations like Optima and MRS sold at N945. In Lagos, filling stations in areas like Igando and along the Badagry Expressway reflected the new N915 rate, with TotalEnergies and smaller outlets like Oluwafemi Arowolo Petroleum selling between N910 and N920.
Market analysts warn that the continued rise in pump prices will add to the inflationary pressure already weighing down Nigerians, with transport fares, food prices, and household expenses expected to climb even higher.
Global Oil Tensions Add Pressure
Meanwhile, tensions in the global oil market have intensified following a weekend airstrike reportedly carried out by US-Israeli forces on Iranian nuclear facilities. In response, Iran launched missile attacks targeting US military bases in Qatar and Iraq, with explosions reported in Doha.
The government of Qatar has confirmed that the Al Udeid US base was hit, calling it a “flagrant violation.” These developments have raised fears of potential disruptions in global oil supply.
Despite the escalating conflict, Brent crude prices on Monday surprisingly dropped to $71.66 per barrel, while WTI crude fell to $68.32, contrary to earlier projections that prices would surpass the $80 per barrel mark.
Olatide Jeremiah, CEO of PetroleumPrice.ng, described the price hikes at depots as speculative and excessive.
“Tensions are heightened at the depots while marketers are engaging in speculative pricing to make quick profits. The crude oil price increase is just about 3%, but depot fuel prices have risen by over 10%. These increases will soon be pushed to the pump,” he said.
With the deregulated fuel market showing signs of instability, consumers may face even more hardship in the days ahead.
