Premium Motor Spirit (PMS) pump price, also known as petrol, surged to as high as N955 per litre on Monday, following fresh upward adjustments by the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers.
In the Federal Capital Territory, NNPC retail outlets revised their pump price to N945/litre, while some of their Lagos stations now dispense petrol at N915/litre, up from N910 and N870, respectively. The hike represents an increase of N35 in Abuja and N45 in Lagos.
Independent marketers have also raised prices, with some stations in Abuja selling PMS for N955/litre, marking a N60 increase from the previous rate of N895. In Lagos, retail prices ranged between N915 and N950/litre, depending on location and marketer.
Retailers associated with the Dangote Petroleum Refinery, such as MRS, Heyden, and AP, implemented a new pump price of N925/litre in Lagos and N935/litre in Ogun State. TotalEnergies now sells at N910/litre, while outlets like Oluwafemi Arowolo Petroleum adjusted prices to N920/litre.
The price hike follows a recent increase in the ex-depot price by Dangote Refinery from N825 to N880/litre, which has since triggered a market-wide ripple effect. Depot sources confirmed that major supply hubs, including WOSBAB, Pinnacle, and NIPCO, now offer ex-depot rates between N920 and N925/litre as of June 23, citing rising global crude prices and upstream cost pressures.
Data from PetroleumPrice.ng also revealed that NIPCO Lagos led the spike with a 2.72% price jump, the highest among surveyed depots, raising prices by N25 to N940/litre in some locations. Dangote’s depot closed at N905/litre, while others like Fynefield, TSL, and Ever saw similar increases. A few, including First Fortune and Rainoil, held steady at N920/litre.
BizWatch Nigeria correspondents observed that NNPC mega stations and independent outlets across key areas in Abuja, such as Kubwa and Airport Road, reflected the new pricing. A.Y.M. Shafa, A.A. Rano, and NIPCO stations were selling PMS uniformly at N955/litre, while strategic partners like Optima and MRS priced theirs at N945/litre.
The persistent hikes in pump prices are expected to further strain household incomes and transportation costs, intensifying inflationary pressure in an already volatile deregulated downstream market.
Global Oil Market Turbulence Adds Pressure
On the international front, geopolitical tensions between the United States and Iran have sent shockwaves through the global oil market. A U.S.-Israeli airstrike on Iranian nuclear facilities over the weekend has triggered retaliatory missile attacks from Iran on U.S. bases in Qatar and Iraq.
Qatar confirmed that its Al Udeid base—run by the U.S.—was targeted, calling the incident a “flagrant violation.” While these developments initially drove oil prices upward, Brent crude futures surprisingly dipped to $71.66 per barrel, and WTI crude fell to $68.32 on Monday, reflecting market volatility.
According to Olatide Jeremiah, CEO of PetroleumPrice.ng, “Depot-level tensions are escalating, and speculative pricing is taking root. The increase in crude oil prices is around 3%, yet depot prices have jumped over 10%. These artificial hikes are unsustainable and will inevitably filter down to pump prices.”
As price fluctuations continue, industry watchers warn that further instability in the international oil market could deepen the crisis at home, with consumers absorbing the brunt of surging energy costs.
