KEY POINTS
- NNPCL raised petrol prices for the second time in 24 hours, increasing from N967 to N1,082 per litre in Abuja.
- Other retail outlets, including MRS and Empire Energy, have also increased pump prices to between N1,092 and N1,150 per litre.
- Industry leaders link the hikes to global crude oil volatility from the Iran–US–Israel conflict and call for regulatory intervention.
The Nigerian National Petroleum Company Limited, ,NNPCL, has increased its petrol pump price for the second time in less than 24 hours, following a gantry price hike by Dangote Refinery. The latest adjustment raises prices from N967 to N1,082 per litre in Abuja and its surrounding areas, representing a N115 increase per litre.
Earlier in the week, NNPCL had increased its price from N960 to N967 per litre, meaning the company’s retail outlets have raised petrol prices by N207 in less than a week. The new rates have been applied across NNPCL retail stations along Kubwa Expressway, Gwarimpa, Wuse Zone 6, Zone 4, and Lifecamp.
Other filling stations, including MRS, AA Rano Ranoil, and Empire Energy, have also adjusted their pumps at least twice, with current prices ranging from N1,092 to N1,150 per litre, up from around N960 to N980 per litre.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, attributed the domestic petrol price increase to volatility in global crude oil markets, noting the impact of the ongoing Iran–US–Israel conflict on supply in the Gulf region. He urged regulators in Nigeria to take steps to prevent further petrol price fluctuations.
Dangote Refinery had earlier raised its petrol gantry price by N121 per litre, from N874 to N995, following a surge in crude oil prices above $90 per barrel.
Dangote refinery had earlier raised its gantry price
Dangote Refinery, Nigeria’s largest indigenous refiner, had earlier raised its petrol gantry price by N121 per litre, from N874 to N995, citing similar supply pressures and the need to absorb rising operational costs. Dangote Refinery has committed to prioritizing domestic supply to mitigate petrol shortages across Nigeria.
Economists warn that sustained geopolitical tensions in the Middle East, combined with rising freight and shipping costs, may continue to affect fuel prices in Nigeria. Consumers are advised to expect possible ripple effects across other petroleum products, including diesel and kerosene, which are critical for transportation, power generation, and household energy use.
The government has been urged to consider strategic interventions, such as temporary subsidy support or targeted price regulation, to protect consumers from sudden and steep price shocks. Meanwhile, petroleum marketers and operators are calling for greater regulatory clarity to prevent panic and ensure stable supply in the domestic market.
