Petrol prices are climbing again nationwide, with the Nigerian National Petroleum Company Limited (NNPC Ltd.) and other marketers adjusting pump rates upwards — sparking fears that Premium Motor Spirit (PMS) may soon hit ₦1,000 per litre.
In Abuja, NNPC stations now sell fuel at ₦945 per litre, up from ₦910. In Lagos, prices rose from ₦870 to ₦915. The upward trend follows a recent increase by Dangote Petroleum Refinery, which raised its ex-depot price from ₦825 to ₦880, triggering a market-wide ripple effect.
Our checks confirmed the new pricing across key NNPC outlets, including Kubwa in Abuja and Igando in Lagos. Other major marketers such as MRS, TotalEnergies, and independent retailers have also raised their prices, with some selling as high as ₦925 per litre.
Depot operators in Lagos, including Wosbab, Pinnacle, and NIPCO, confirmed that ex-depot prices have now settled between ₦920 and ₦925, citing global crude price spikes and rising upstream costs.
The fuel price surge is being fueled further by rising global tensions. Ongoing conflict involving the United States and Iran has pushed oil prices closer to the $80 per barrel mark, raising concerns over supply disruptions.
Energy analyst Olatide Jeremiah warned that if crude prices continue to rise, Nigerians could be paying ₦1,000 per litre at private depots. He stressed the role of Dangote Refinery in stabilizing local prices, adding that a temporary sales halt by the refinery contributed to the current market tension.
As prices soar, Nigerians face worsening inflation, with transport, goods, and services already under pressure in the deregulated fuel market. Households and businesses are bracing for even tougher days ahead.
