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From Adanna Nnamani, Abuja
Petrol prices rose again across major cities on Monday as the Nigerian National Petroleum Company Limited (NNPCL) and other oil marketers adjusted their pump prices upward in response to rising crude oil prices and continued pressure on the naira.
Checks across Abuja and Lagos showed that petrol now sells between N915 and N955 per litre, depending on location and station ownership. The NNPCL retail outlet in Nyanya, Abuja, now dispenses at N915 per litre, up from N865. Similarly, AA Rano’s station in Area 8, Garki, raised its pump price from N910 to N955, a N45 increase.
At Conoil in Abuja’s Central Area, the price jumped by N45 to N945, while TotalEnergies maintained its previous price of N929 per litre at its Zone 3, Wuse station. In Lagos, NNPC stations along Kudirat Abiola Way in Ikeja were seen selling at N915, a 5.17 per cent increase from the N870 per litre rate recorded briefly in March.
The hike follows recent adjustments at the Dangote Refinery, which raised its depot price in response to increasing international crude prices, prompting NNPC and other marketers to follow suit to remain competitive and avoid losses.
Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Chinedu Ukadike, attributed the development to market forces under Nigeria’s deregulated downstream sector. He said: “This is deregulation at work. Consumers should be used to this by now. The pump price is determined by a few factors. The most significant is the price of crude oil. Then you talk about exchange rate and other costs of operations.”
Also speaking on the situation, Gladys Orok, a businesswoman who spoke at a filling station in Wuse, lamented the growing difficulty in running her frozen foods business. “Every increase eats into our profit. We use generators daily and now spend double what we used to. This is becoming unsustainable,” she said.
Another motorist, Tanimu Aliyu, said the rising cost of petrol has forced him to park his car more often. “I now use public transport some days just to cut down on fuel expenses. The hike is too much, especially for civil servants,” he said.
Industry analysts point to the escalating conflict in the Middle East, particularly between Israel and Iran, as one of the main triggers of the global price surge. Iran’s strategic role in global oil supply and its recent threat to shut down the Strait of Hormuz, a key shipping route, has heightened fears of a global oil shock.
Partner at Kreston Pedabo, Olufemi Idowu, warned that while the government may enjoy higher revenue from rising oil prices, downstream consumers would bear the brunt. “Dangote still buys at international price. That means the pump price of petrol is going to increase. So while the government may be celebrating more revenue, the impact on consumers may not be desirable,” he explained.
Another analyst, Jide Pratt, noted that global crude briefly surged to $78 per barrel following recent hostilities before settling around $73, adding that any further escalation could push prices beyond $100.
Experts say that for fuel prices to stabilise in Nigeria, the naira must strengthen, local refining must expand, and global oil tensions must ease. Until then, motorists and businesses alike may continue to grapple with unpredictable fuel costs.
