Petrol Price Hits ₦945/Litre at NNPC Stations Amid Soaring Global Oil Prices

Petrol Price Hits ₦945/Litre at NNPC Stations Amid Soaring Global Oil Prices Petrol Price Hits ₦945/Litre at NNPC Stations Amid Soaring Global Oil Prices

Abuja, Nigeria – The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), also known as petrol, to ₦945 per litre in Abuja and ₦915 per litre in Lagos, reflecting a new wave of cost hikes across the country’s deregulated fuel market.

The upward revision follows Dangote Petroleum Refinery’s decision to raise its ex-depot price from ₦825 to ₦880 per litre, sparking a ripple effect. NNPC retail stations in Kubwa and Obasanjo Way in Abuja, as well as Igando and Badagry in Lagos, reflected the updated pricing on Monday, further compounding pressure on consumers amid steep living costs.

Private fuel stations have also raised their prices in response. MRS now sells at ₦925 per litre, while TotalEnergies has adjusted to ₦910, and smaller independent marketers like Oluwafemi Arowolo Petroleum in Iba have gone as high as ₦920. Depot sources confirmed that major supply hubs, including Wosbab and NIPCO, are now selling PMS at up to ₦925 per litre, citing rising international crude prices and operational costs.

Experts warn the price could cross ₦1,000 per litre if global crude exceeds $80 per barrel, amid heightened geopolitical tensions following US-Israeli strikes on Iran. “Unless Dangote keeps prices stable, depot owners will hike rates,” said Olatide Jeremiah of PetroleumPrice.ng. With inflationary pressures mounting, Nigerians now brace for deeper economic strain.