Retail petrol prices have surged sharply in key urban markets across Nigeria. Several service stations under the Nigerian National Petroleum Company Limited (NNPCL) in Abuja and Lagos hiked pump prices on Monday following ex-depot price increases by Dangote Petroleum Refinery.
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In the Federal Capital Territory (Abuja), NNPCL outlets raised prices from ₦910 to ₦945 per litre.
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In Lagos, NNPCL increased pump prices from ₦870 to ₦915 per litre.
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Independent marketers in Abuja pushed prices up to ₦955, a ₦60 increase from ₦895, while Lagos saw prices range between ₦915–₦950.
Key distributors, including MRS, Heyden, AP, Optima, Shafa, and NIPCO, followed suit—pricing petrol at ₦925–₦955 depending on location. MRS specifically raised its prices to ₦925 in Lagos and between ₦935–₦955 in other regions.
Factors Behind the Increase
The latest price adjustments reflect a growing trend in global and domestic markets:
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Dangote Refinery’s ex-depot price rose from ₦825 to ₦880 per litre on June 20, triggering a ripple effect throughout the downstream sector.
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International crude prices, particularly Brent and Bonny Light, have climbed to around $78–79 per barrel, driven in part by heightened geopolitical tensions in the Middle East.
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Market deregulation means petrol prices now reflect real-time global oil trends, exchange rates, and distributor margins—as confirmed by the Independent Petroleum Marketers Association of Nigeria (IPMAN).
Consumer Impact
The hikes come amid rising inflation and living costs, placing further financial pressure on Nigerians:
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A business owner in Abuja voiced concern: “Every increase leads to a rise in food prices, yet salaries remain the same. We are suffering in silence”.
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A Lagos taxi driver lamented: “I buy fuel at a high cost and can’t recover it from my daily income… it’s been tough”
With depot sources already setting ex-depot rates at ₦920–₦925, further price increases seem likely unless global crude softens or the Naira strengthens. Analysts warn that escalating international oil prices—perhaps fuelled by conflict in the Red Sea or Hormuz Strait—could push pump rates toward ₦1,000 per litre in the coming weeks .
What You Should Know:
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NNPCL prices: ₦945/litre in Abuja, ₦915/litre in Lagos
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Independent marketers: Up to ₦955/litre across regions
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Drivers: Dangote’s price hike, global oil prices, and deregulation
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Impact: Consumers feel the pinch as transportation and goods become costlier