Fuel Prices Jump Again: Petrol Hits ₦1,150/L as NNPCL, Marketers React to Dangote Refinery Hike

Pump prices of Premium Motor Spirit (PMS), popularly known as petrol, have surged again across Nigeria as the Nigerian National Petroleum Company Limited (NNPCL) and several independent marketers implemented a fresh increase, marking the second adjustment within 24 hours.

NNPCL retail outlets on Sunday raised the pump price of petrol from ₦967 to ₦1,082 per litre in Abuja and surrounding areas, representing an increase of ₦115 per litre. The adjustment comes shortly after the state-owned oil company had earlier moved the price from ₦960 to ₦967 per litre.

With the latest development, NNPCL stations have increased petrol prices by about ₦207 per litre within the past week.

Checks showed that the new price has already been implemented at several NNPCL stations along Kubwa Expressway, Gwarimpa, Wuse Zone 6, Wuse Zone 4, and Lifecamp in the Federal Capital Territory.

Other marketers have also followed suit. Filling stations such as MRS, AA Rano (Ranoil), and Empire Energy have adjusted their pump prices at least twice, with petrol now selling between ₦1,092 and ₦1,150 per litre, compared to the previous range of ₦960 to ₦980 per litre.

Reacting to the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, attributed the increase to fluctuations in global crude oil prices.

According to him, the recent hike in Dangote Refinery’s gantry price, which directly influences retail pump prices, was triggered by rising crude oil prices linked to geopolitical tensions in the Gulf region.

“The Dangote Refinery gantry petrol price hike and the resulting retail price adjustment are due to crude oil price volatility caused by the Iran–US–Israel conflict affecting the Gulf region,” he explained.

He, however, urged regulators in Nigeria’s oil sector to step in to stabilise the market and prevent further volatility in petrol prices.

The latest increase follows Dangote Refinery’s decision to raise its petrol gantry price by ₦121, from ₦874 to ₦995 per litre, after global crude oil prices climbed above $90 per barrel.