Economy
Petrol Prices Soar Again
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.
Also read: Port Harcourt refinery petrol denial sparks PETROAN credibility crisis
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.
Also read: Inflation: Real reason Indomie reduced Prices of Popular Staple Food item Revealed
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.
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Economy
Governor Dauda Lawal Join VP Shettima’s Delegation to Benin Republic, Seeks Industrial Model to Boost Zamfara’s Agric Zones
Zamfara State Governor Dauda Lawal has described the Glo-Djigbé Industrial Zone (GDIZ) as a practical blueprint for transforming Zamfara state’s agricultural sector, as he joined Vice President of Nigeria, Senator Kashim Shettima and five other governors on a working visit to the Benin Republic industrial hub on Friday.
The delegation toured the 1,640-hectare public-private industrial platform, inspecting integrated textile and agro-processing facilities where locally produced cotton is converted into yarn, fabric and finished garments while cashew and soybean are processed for domestic and export markets. GDIZ, developed by the Beninese government and ARISE Integrated Industrial Platforms, has created more than 25,000 jobs since production began in 2021.
For Governor Lawal, who presides over an agrarian state with vast arable land and a strong comparative advantage in crop production, the visit presented an opportunity to draw direct lessons for Zamfara’s agricultural transformation agenda.
“Zamfara holds a strong comparative advantage in agriculture. We grow all crops in the state, we are not limited to soybeans. We have the land and it is fertile,” Governor Lawal had told global investors at the Africa Investment Forum in Morocco last November, where he signed a strategic Memorandum of Understanding with the Ministry of Finance Incorporated (MOFI) to drive large-scale agricultural transformation under the INTEGRANIUM Initiative.
The GDIZ visit is aimed at strengthening the implementation of Nigeria’s Special Agro-Industrial Processing Zones Programme, drawing practical lessons from Benin’s approach to agricultural value addition, industrial infrastructure, investment mobilisation and export-oriented production. Particular attention was given to the textile park’s integrated production system covering cotton spinning, weaving, fabric processing and garment manufacturing. Governor Lawal believes that Zamfara State can benefit from the $370 billion worth of global cotton valuation by ensuring Zamfara grows more cotton and can also lead the charge by reviving moribund textile manufacturing hubs and value chain which could generate millions of jobs, expand non-oil exports and stimulate economic activities.
Governor Lawal’s participation in the delegation aligns with Zamfara’s recently launched 10-year Development Plan (2025–2034), which envisions the state becoming “a benchmark for transformative economic growth, not merely for Nigeria, but the continent of Africa”. The plan prioritises maximising Zamfara’s agricultural and natural resource strengths through partnerships, mechanised farming, agro-processing and value chains to create jobs, improve food security and reduce poverty-driven insecurity.
Governor Lawal was also in company of other state Governors like; Hope Uzodimma (Imo), Caleb Mutfwang (Plateau), AbdulRahman AbdulRazaq (Kwara), Dikko Radda (Katsina), and Umar Namadi (Jigawa). The visit is expected to inform the development of garment-training facilities and dedicated processing infrastructure near agricultural production communities across Nigeria.
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