The Nigerian National Petroleum Company Limited, (NNPCL) has quietly increased the pump price of Premium Motor Spirit (PMS), better known as petrol, to ₦915 per litre in Lagos and ₦945 per litre in Abuja, amid growing global oil market volatility triggered by escalating tensions between Iran and Israel.
This marks a ₦45 increase in Lagos from the previous ₦870 and a ₦35 rise in Abuja from the prior ₦910 per litre, as confirmed by checks at various NNPCL retail outlets across both cities yesterday.
The increase follows Ɗangote Refinery’s hike in ex-depot price to N880. Private marketers also adjusted prices amid rising global crude costs and naira depreciation. Experts warn prices could exceed ₦1,000 per litre if current trends persist.
At the NNPCL outlet on Fin Niger, Badagry Expressway, and another at Igando, Lagos, attendants confirmed the new pricing regime of ₦915 per litre. In Abuja, the price was pegged at N945 at the NNPCL station in the Federal Housing area of Kubwa.
The price hike comes just two days after the Ɗangote Petroleum Refinery adjusted its ex-depot price of petrol to ₦880 per litre, sparking a ripple effect across the downstream market. Several other marketers, including MRS and TotalEnergies, have followed suit.
At MRS stations in Lagos, petrol now sells for ₦925, up from ₦875. TotalEnergies has raised its price to ₦910, while independent marketers such as Oluwafemi Arowolo Petroleum in Iba are selling as high as ₦920.
The latest increase in domestic pump prices is occurring against the backdrop of heightened instability in global energy markets. Brent crude, the international oil benchmark, surged to $93.65 per barrel yesterday, up from $87 just a week ago, as fears of a broader Middle East conflict spiked following Israeli airstrikes on Iranian military installations in Syria and retaliatory moves by Tehran.
The stand-off has revived concerns over supply disruptions across the Persian Gulf — a critical artery for global oil shipments — forcing traders to reprice risk and increasing cost pressures for import-dependent countries like Nigeria.
The pump price increase also coincides with the Ɗangote Refinery’s recent announcement of a nationwide fuel distribution plan, backed by a fleet of 4,000 compressed natural gas (CNG)-powered tankers. The refinery has promised more efficient logistics for petrol and diesel, which could potentially stabilise long-term supply.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warned over the weekend that the refinery’s “forward integration” into distribution could create a “monopoly in disguise,” potentially displacing smaller players and threatening thousands of jobs in the downstream sector.
Similarly, the Major Energies Marketers Association of Nigeria, (MEMAN), urged regulatory agencies to clarify the extent and legality of the Dangote refinery’s logistics integration plan to avoid “market distortion”.
The latest surge in fuel prices is likely to worsen Nigeria’s already precarious inflation crisis. Transport costs – which heavily influence food prices – are expected to spike again, dealing another blow to working-class Nigerians still reeling from last year’s fuel subsidy removal.
With core inflation now above 33% and food inflation nearing 40%, analysts warn that further increases in fuel prices could fuel civil unrest and deepen poverty levels.
The Tinubu administration, which has championed subsidy removal as a fiscal necessity, faces growing pressure to cushion the impact of deregulation through targeted palliatives and stronger price-monitoring mechanisms.
As oil prices climb globally amid geopolitical shocks and local petrol prices follow suit, Nigerians are caught between international market forces and domestic structural inefficiencies. While the government banks on private refineries to stabilise fuel supply in the long run, the current pain at the pump shows no signs of easing.
