Petrol Price Hits ₦945 at NNPC Stations as Depots, Marketers Respond to Dangote Hike

The pump price of petrol has climbed to ₦945 per litre at Nigerian National Petroleum Company (NNPC) retail stations in Abuja, and ₦915 in Lagos, marking a fresh upward swing in Nigeria’s downstream petroleum market.

The adjustment follows closely on the heels of the Dangote Petroleum Refinery’s recent ex-depot price hike from ₦825 to ₦880 per litre, a move that has triggered similar increases across private depots and filling stations nationwide.

At key NNPC outlets in Abuja’s Federal Housing area of Kubwa and along Obasanjo Way, the new ₦945 per litre price was boldly displayed on Monday. In Lagos, NNPC stations in Igando and along the Badagry Expressway updated their price to ₦915 per litre.

Private marketers have also reacted. MRS now sells at ₦925/litre in Lagos, while TotalEnergies raised its price to ₦910 and Oluwafemi Arowolo Petroleum in Iba adjusted to ₦920. Major depots like Pinnacle, Wosbab, and NIPCO have set ex-depot prices between ₦920 and ₦925/litre, according to market sources.

This surge has been linked to global crude oil volatility, with tensions between the United States and Iran escalating. A recent US-Israeli airstrike on Iranian nuclear sites has fueled fears of supply disruptions, pushing oil prices closer to the $80 per barrel mark.

Experts warn the situation could worsen. Olatide Jeremiah, CEO of PetroleumPrice.ng, predicts pump prices may exceed ₦1,000/litre if crude prices rise further and the naira continues to weaken. He emphasised Dangote Refinery’s role in stabilising the market, urging the company to maintain its current supply levels.