By Ayo Kehinde
The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of petrol to N945 per litre in Abuja and N915 in Lagos, citing rising upstream and global market pressures.
The new rates, implemented at NNPC retail stations on Monday, mark a sharp hike from N910 in Abuja and N870 in Lagos.
This adjustment follows Dangote Petroleum Refinery’s ex-depot price increase from N825 to N880 per litre, prompting similar upward shifts across the downstream sector.
While NNPCL stations in Kubwa and Obasanjo Way, Abuja, clearly displayed the new price of N945, in Lagos, fuel stations, including those on Badagry Expressway and Igando, reflected the N915 per litre rate.
Private retailers have also responded. MRS adjusted its price to N925, TotalEnergies to N910, and smaller independents like Oluwafemi Arowolo Petroleum to N920.
Depot prices from major operators, including Pinnacle, NIPCO, and Wosbab, have climbed to N920- N925 per litre. The increase is driven by global crude oil price hikes and a weakening naira, compounded by geopolitical tensions such as recent U.S.-Israeli airstrikes on Iranian nuclear sites.
The price hike is expected to worsen inflation and drive up transport, food, and service costs, deepening economic hardship for households across the country.
