Nigerians are grappling with higher petrol prices as the Nigerian National Petroleum Company Limited (NNPCL) adjusts pump rates upward.
In Abuja, prices rose from ₦965 to ₦990 per liter, while in Lagos, the cost increased from ₦925 to ₦960 per liter. These changes took effect nationwide on Tuesday.
Market Forces Behind the Increase
This adjustment reflects ongoing market dynamics under Nigeria’s deregulated petroleum sector, where prices fluctuate based on supply and demand. The hike follows the start of operations at the Dangote Refinery, which is poised to reshape the country’s fuel supply chain. As of Monday, the refinery raised its petrol loading price from ₩899 to ₩955 per liter.
Private depots and independent marketers have also adjusted their rates, with prices at some filling stations exceeding ₦1,000 per liter. In cities like Akwa Ibom, petrol now sells for as much as ₦1,100 per liter.
Expert Opinions and Global Influences
Energy experts attribute the price hikes to global factors, including crude oil costs and supply disruptions. Oil analyst Olatide Jeremiah explained, “This reflects the realities of a deregulated market. While it may be painful now, deregulation is essential to addressing fuel scarcity and stabilizing prices in the long term.”
Recent geopolitical events, such as sanctions on Russia during Joe Biden’s presidency, have also impacted global oil markets. On Monday, Brent crude oil prices dipped to $79.98 per barrel, down from $81 last Friday. However, prices are expected to remain volatile as new policies under the Trump administration come into play.
Consumers Brace for More Changes
As fuel prices climb, Nigerians are adjusting to the new costs while anticipating further fluctuations. Meanwhile, marketers continue to load and distribute products from the Dangote Refinery without major issues. For now, the focus remains on how these market changes will shape the country’s energy landscape in the months ahead.
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