Petrol prices have surged across Nigeria, with NNPC and independent marketers raising pump rates to as high as N955 per litre. The increase follows a hike in ex-depot prices and global oil market tensions linked to the US-Iran conflict.

Retail outlets operating under the Nigerian National Petroleum Company Limited (NNPC) brand implemented a fresh upward revision in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, raising the price to N945 per litre in the Federal Capital Territory (FCT) on Monday.

Similarly, NNPC outlets in Lagos adjusted their prices to N915 per litre, signaling a new surge in downstream retail market rates. This recent increase reflects a price jump of N45 in Lagos and N35 in Abuja, compared to the previous prices of N870 and N910 per litre, respectively.

Independent marketers also followed suit, hiking prices by N60, from N895 per litre to N955 per litre in Abuja. In Lagos, the new prices across independent outlets varied between N915 and N950 per litre, depending on the particular filling station.

The PUNCH reported that, as of Monday, petrol was selling between N915 and N950 per litre in Lagos, Ogun, and several other South-Western states. Dangote’s strategic partners, including MRS, Heyden, AP, and others, sold petrol at N925 per litre in Lagos and N935 per litre in Ogun.

One of our correspondents observed that NNPC also increased its pump price on Monday, now selling petrol at N915 per litre in Lagos. Filling station operators attributed the hike to the ongoing volatility in fuel prices, stating they were compelled to adjust retail prices despite purchasing their existing stock before the most recent increase.

The revisions come just days after the Dangote Petroleum Refinery raised its ex-depot price of petrol from N825 to N880 per litre, triggering a widespread reaction across the industry.

Our correspondents confirmed that the new prices were implemented at several NNPC-owned retail outlets and among independent marketers, further straining consumers already burdened by escalating transport fares and general living costs.

At the NNPC retail outlet located in the Federal Housing area of Kubwa, Abuja, the updated pump price of N945 per litre was prominently displayed. Similar adjustments were observed at the NNPC Mega Station along Obasanjo Way.

On Airport Road, popular stations such as A.Y.M. Shafa, A.A. Rano, and NIPCO were selling petrol at a uniform price of N955 per litre. However, strategic Dangote refinery partners like Optima and MRS were selling theirs slightly lower at N945 per litre.

In Lagos, stations in Igando and along the Badagry Expressway reflected the revised price of N915 per litre. A noticeable ripple effect was seen across private retail outlets as well. For instance, MRS filling stations, which are key partners with the Dangote refinery, raised their pump prices to N925 per litre in Lagos—up from N875. Likewise, TotalEnergies adjusted its rate to N910 per litre, while other marketers like Oluwafemi Arowolo Petroleum in Iba increased their price to N920 per litre.

Meanwhile, petrol pump price is likely to skyrocket soon as depot sources confirmed to The PUNCH that major supply hubs in Lagos, including Wosbab, Pinnacle, and NIPCO, have now set PMS ex-depot prices between N920 and N925 per litre as of June 23, citing rising upstream costs and international crude prices.

According to new data obtained from petroleumprice.ng, Dangote depot closed sales at N905 per litre, while NIPCO Lagos topped the list with a N25 per litre jump, representing a 2.72 per cent increase—the highest among all surveyed outlets. Other depots such as Fynefield, TSL, and Ever also recorded noticeable increases, pushing petrol depot prices as high as N940 per litre in some locations. A few depots like First Fortune, WOSBAB, and Rainoil Lagos have managed to hold prices steady at N920 per litre.

The recurring upward adjustments are likely to fuel inflationary pressures, with commuters, businesses, and households bearing the brunt of a deregulated but unstable petroleum market.

On the global front, the escalating conflict between the United States and Iran has continued to rattle the oil market, with analysts projecting that crude oil prices may soon cross the $80 per barrel threshold. A weekend airstrike reportedly carried out by US-Israeli forces on Iranian nuclear sites has stoked fears of supply disruptions.

Iran has fired six missiles at US bases in Qatar and Iraq in retaliation for the bombing of its nuclear sites by the US military. Explosions have been heard over Doha after Iran launched a missile attack on a US base in Qatar.

Qatar has confirmed the attack on the US-run Al Udeid base, calling it a “flagrant violation.” Meanwhile, oil prices on Monday jumped to their highest since January after Washington joined Israel over the weekend in attacking Iran’s nuclear facilities.

Surprisingly, Brent crude futures dropped to $71.66 per barrel while WTI crude declined to $68.32 per barrel.

The Chief Executive Officer of PetroleumPrice.ng, Olatide Jeremiah, stated, “Tensions are heightened at the depot while marketers are engaging in speculative pricing, hereby cashing out. The surge in depot fuel prices is abnormal, and it has to be controlled. The percentage increase in crude oil price lately is just 3 per cent, but importers and depot owners have hiked the price by over 10 per cent. Sooner, these prices will be passed down to the pump.”