The Nigerian National Petroleum Company Limited (NNPC Ltd) has adjusted petrol prices upward across several states, with Lagos residents now paying ₦915 per litre, while Abuja motorists are paying ₦945.
This development marks a significant shift in fuel pricing, largely influenced by global oil market dynamics and domestic refinery pricing.
This increase follows Dangote Refinery’s recent price adjustment to ₦880 per litre ex-depot, sparking price realignments across the downstream market.
Independent marketers and major distributors like TotalEnergies and MRS have responded accordingly, setting pump prices between ₦910 and ₦950 depending on the region.
Energy analysts attribute the hike to geopolitical tensions in the Middle East, particularly the recent strikes in Iran, which have disrupted crude supply forecasts and pushed prices upwards.
Additionally, Nigeria’s foreign exchange volatility continues to pressure fuel imports and distribution margins.
The new prices have raised concerns among citizens, with transport unions warning of imminent fare increases. Businesses also fear that inflation may spike further, impacting food, logistics, and household goods.
Despite public outcry, NNPC Ltd has yet to issue a formal statement justifying the increase, but stakeholders suggest the company is monitoring global oil trends closely and may adjust prices again if the international market stabilizes.
