FUEL PRICES SURGE: PETROL NOW ₦945 IN LAGOS, ₦915 IN ABUJA AS GLOBAL TENSION HIT NIGERIAN PUMPS
Amy Adindu
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS) popularly known as petrol to ₦945 per litre in Lagos and ₦915 per litre in Abuja, sending shockwaves through filling stations and households across the country.
This development follows a price adjustment by the Dangote Refinery, which raised its ex-depot rate to ₦880, citing soaring global crude oil prices and mounting geopolitical instability, particularly the ongoing U.S.–Iran tensions.
Depot Prices Skyrocket
Private depots have quickly responded, now selling petrol between ₦920 and ₦925 per litre, creating a ripple effect at retail outlets. Independent marketers say the price hike has made it nearly impossible to maintain consistent supply, with some stations shutting down temporarily or selling above the official rate.
“The hike by Dangote pushed everyone up. There’s no way we can buy at ₦920 and sell below ₦950,” a depot manager in Lagos shared under anonymity.
Global Crisis, Local Pain
The latest fuel price surge is tied to rising global oil prices, worsened by military escalations between the United States and Iran. These tensions have disrupted global crude supply chains, putting pressure on oil-dependent economies like Nigeria.
Ironically, despite inaugurating Africa’s largest refinery, Nigeria still depends heavily on imported refined products due to limited operational capacity and foreign exchange challenges.
Experts Raise Alarm
Energy analysts are warning that the situation could worsen.
“If nothing is done urgently to stabilise the naira and improve local refining, we could see petrol prices cross the ₦1,000 mark before the end of the quarter,”
— Dr. Okey Aligbe, Energy Policy Analyst
The rising fuel cost is expected to cascade into higher transport fares, food prices, and general inflation, threatening Nigeria’s fragile economic recovery and deepening the cost-of-living crisis for millions.
What’s the Government Saying?
As of press time, the NNPCL has not issued an official statement clarifying whether this hike is temporary or part of a new pricing model. The Federal Government, meanwhile, has reiterated its stance on non-intervention and deregulation, even as pressure mounts from labour unions and civil society groups.
What To Expect
- Transport fare hikes in major cities
- Further inflation in food and consumer goods
- Possible protests or renewed calls for fuel subsidy reinstatement
- Calls for increased transparency in pricing from downstream regulators
With the current trend, many Nigerians are bracing for tougher times at the pump, and in their wallets.
Stay updated with AfiaTV News for more on this developing story.
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