The Nigerian National Petroleum Company Limited (NNPC) has once again raised the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦945 per litre in Abuja and ₦915 in Lagos, intensifying concerns over rising living costs.
This latest increase, implemented on Monday, June 23, reflects a ₦35 to ₦45 jump from the previous prices of ₦910 and ₦870 per litre in the Federal Capital Territory and Lagos, respectively.
The adjustment follows the recent hike in ex-depot prices by Dangote Petroleum Refinery, from ₦825 to ₦880 per litre, which has triggered price increases across the downstream petroleum market.
At various NNPC retail stations in Abuja, the new price of ₦945 per litre was prominently displayed.
In Lagos, outlets also reflected the ₦915 revised rate.
Private marketers have not been left out. MRS stations in Lagos, which maintain supply ties with Dangote refinery, increased prices to ₦925 per litre.
Depot operators in Lagos also confirmed that their ex-depot petrol prices had risen to between ₦920 and ₦925 per litre as of June 23. They attributed this to rising international crude prices and higher upstream costs.
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The global energy market is also on edge. Tensions between the United States and Iran have pushed crude oil prices closer to the $80 per barrel mark, especially after a weekend airstrike allegedly carried out by US-Israeli forces on Iranian nuclear sites heightened fears of supply disruptions.
As a result, independent marketers are warning that fuel prices could cross the ₦1,000 mark per litre if conditions worsen.
Olatide Jeremiah, Chief Executive Officer of PetroleumPrice.ng, said, “Private depots are likely to increase petrol price to ₦1,000 in the coming days with the current trend observed in the market.
“If by tomorrow morning, crude price increases to $80 or exceeds that threshold, Nigerians would pay ₦1,000 at depots.”
He added, “The situation means they will take advantage of Nigerians, but we can only hope that Dangote maintains its current price, that is the only way depot owners won’t jack up the price anyhow.
“The price surge seen last week was basically because Dangote stopped selling for some days. But it has opened up its portal and is now selling at ₦880 for two million litres. Dangote remains a major determinant of petrol price.”
As petrol costs continue to climb, there are growing fears that inflation will rise further, squeezing already struggling consumers, businesses, and commuters across the country.