NNPC, Independent Marketers Raise Petrol Price to ₦955/Litre
Petrol pump prices across Nigeria witnessed a sharp increase on Monday, June 24, with retail outlets operated by the Nigerian National Petroleum Company Limited (NNPC) and independent marketers adjusting their rates upwards amid supply disruptions and rising international oil costs.
In the Federal Capital Territory (FCT), NNPC stations raised the price of Premium Motor Spirit (PMS) to ₦945 per litre, up from ₦910, while in Lagos, outlets increased pump prices to ₦915, representing a hike of ₦35 to ₦45 in different locations.
Independent Marketers Also Raise Prices Nationwide
Independent marketers responded swiftly to market volatility, increasing petrol prices in Abuja from ₦895 to ₦955, while prices in Lagos ranged between ₦915 and ₦950 per litre. In Ogun State, several dealers sold petrol at ₦935.
Dangote Refinery’s strategic partners, including MRS, AP, Heyden, and Optima, were seen retailing fuel at ₦925 per litre in Lagos and ₦945–₦955 in Abuja. At major NNPC outlets in Kubwa and along Obasanjo Way, the revised rates were boldly displayed.
Retailers cited fears of price instability as a key driver behind the sudden hike, claiming that existing stocks purchased at lower rates could no longer be sold profitably under current conditions.
Depot Prices Now as High as ₦940/Litre
Depot sources confirmed to thewatch.ng that the ex-depot cost of petrol in Lagos has surged significantly, with top suppliers such as WOSBAB, NIPCO, and Pinnacle now selling between ₦920 and ₦925 per litre as of June 23.
Dangote depot reportedly closed sales at ₦905 per litre, while NIPCO Lagos led the price jump, adding ₦25 per litre—a 2.72% increase, the highest among all monitored depots.
Other depots like TSL, Fynefield, Ever, and First Fortune have recorded spikes, with petrol selling for up to ₦940/litre in some locations. Only a few, such as Rainoil and WOSBAB Lagos, have managed to maintain prices at ₦920/litre.
Global Tensions Fuel Uncertainty in Oil Market
The surge in petrol prices coincides with renewed geopolitical instability in the Middle East. Tensions between Iran and the United States escalated over the weekend after a joint US-Israeli airstrike on Iranian nuclear sites triggered a retaliatory attack.
Iran reportedly launched six missiles targeting US bases in Qatar and Iraq, including the Al Udeid Air Base in Qatar. The Qatari government confirmed the strike, calling it a “flagrant violation” of sovereignty. Explosions were heard in Doha, sparking concerns about potential disruptions in global crude oil supply.
Despite this, Brent crude prices unexpectedly fell to $71.66 per barrel, while WTI crude dropped to $68.32, reflecting market uncertainty and speculative reactions.
Depot Speculation Driving Prices, Experts Say
Speaking to thewatch.ng, Olatide Jeremiah, CEO of PetroleumPrice.ng, described the pricing environment as speculative and unsustainable:
“Tensions are heightened at the depots while marketers are engaging in speculative pricing. The increase in crude prices is just 3%, yet depot owners have hiked fuel prices by over 10%.”
Jeremiah warned that the current surge is not reflective of proportional global crude price increases and would soon translate into higher pump prices, placing additional burdens on commuters, small businesses, and households.
Deregulated But Volatile: Nigeria’s Fuel Market Under Pressure
With the downstream sector now fully deregulated, the absence of price control mechanisms means Nigerians are vulnerable to market swings. The recurring hikes in petrol prices risk exacerbating inflation, increasing transport fares, and triggering fresh economic hardship.
As of Monday, petrol prices across Lagos, Ogun, Abuja, and other South-West states ranged from ₦910 to ₦955 per litre, with expectations of further adjustments in the coming days.
