Petrol Prices has neared N1,000/litre nationwide as marketers react to Dangote and global tensions.
NaijaOnPoint Nigeria reports that petrol prices have surged across Nigeria, with the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers implementing sharp increases that have pushed pump prices to as high as N955 per litre.
On Monday, NNPC retail outlets in Abuja raised pump prices to N945 per litre, while stations in Lagos now sell at N915, up from previous rates of N910 and N870 respectively. Independent marketers followed suit, increasing prices in Abuja by ₦60, now selling at ₦955 per litre, while in Lagos, rates range from ₦915 to ₦950.
The hikes come on the heels of Dangote Petroleum Refinery’s ex-depot price adjustment from ₦825 to ₦880 per litre, triggering a ripple effect among fuel marketers.
In Lagos and the South-West, retail stations aligned with Dangote’s partners, such as MRS and AP adjusted pump prices to ₦925 per litre. TotalEnergies now sells at ₦910, while various independent marketers offer rates up to ₦920.
Sources at major Lagos depots, including WOSBAB and NIPCO, told The PUNCH that ex-depot prices hit ₦925 as of June 23, with some already pushing prices to ₦940, blaming rising international crude prices and upstream costs.
According to PetroleumPrice.ng, the modest 3% global rise in crude oil prices has resulted in over 10% domestic depot price hikes, driven largely by market speculation.
Tensions in the global oil market have escalated following a weekend missile exchange between Iran and the U.S., heightening fears of crude supply disruptions.
The latest fuel price spike is expected to exacerbate inflation, with far-reaching effects on transportation, small businesses, and household living costs nationwide.