Petrol prices soar again in Lagos and Abuja as NNPC raises rates. Dangote’s refinery hike sparks wider inflation fears across Nigeria

Petrol prices soar again as the Nigerian National Petroleum Company Limited increases pump prices at its retail outlets in Lagos and Abuja, deepening concerns over affordability and economic stability.

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On Monday, filling stations owned by NNPC in the Federal Capital Territory displayed a revised pump price of N945 per litre. In Lagos, the price rose to N915 per litre.

This upward revision reflects a fresh spike of N35 in Abuja and N45 in Lagos, compared to the previous figures of N910 and N870 per litre respectively.

The development follows last week’s decision by the Dangote Petroleum Refinery to increase its ex-depot price from N825 to N880 per litre. The move triggered widespread adjustments across the downstream market.

Our correspondent observed that several NNPC stations, including those in Kubwa and along Obasanjo Way in Abuja, had implemented the new pricing. In Lagos, stations in Igando and along the Badagry Expressway mirrored the updated figures. The increase was not restricted to government-owned outlets.

Private marketers, including MRS, TotalEnergies, and Oluwafemi Arowolo Petroleum, have all adjusted their pump prices upwards.

Rates now range between N910 and N925 per litre. Major depot hubs such as Wosbab, Pinnacle, and NIPCO have pegged their ex-depot prices around N920 to N925.

A key factor driving the surge is the rising global crude oil price.

We can only hope Dangote maintains its current price, or petrol may cross the N1,000 mark.

The ongoing conflict between the United States and Iran has disrupted market expectations, with many analysts warning that the $80 per barrel threshold may soon be breached.

The recent weekend airstrikes on Iranian nuclear sites by US and Israeli forces have added to fears of a prolonged crisis.

Independent marketers have cautioned that Nigerians could see petrol prices exceed N1,000 per litre unless immediate interventions are made. The naira’s instability and increased upstream costs are expected to aggravate the situation.

Olatide Jeremiah, CEO of PetroleumPrice.ng, warned, “Private depots are likely to increase petrol price to N1,000 in the coming days with the current trend observed in the market. If by tomorrow morning, crude price increases to $80 or exceeds that threshold, Nigerians would pay N1,000 at depots.”

He explained that the last surge in prices occurred because Dangote temporarily halted sales.

However, the refinery has resumed operations, offering petrol at N880 for volumes of two million litres.

According to Jeremiah, Dangote remains a stabilising force in the current pricing landscape.

Experts believe the consistent hikes in pump prices could further fuel inflation, burdening commuters, businesses, and households.

As the market remains deregulated but unstable, concerns mount over the ability of authorities to manage the ripple effects on the wider economy.

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With no immediate relief in sight and international tensions intensifying, Nigerians brace for what may become the most expensive fuel era in the nation’s history.