OPS, NLC Raise Alarm As Petrol Nears ₦1,400, Demand Urgent FG Action

By Ayo Kehinde

The Organised Private Sector (OPS) and the Nigeria Labour Congress have called for urgent government intervention as petrol prices climb toward ₦1,400 per litre across parts of Nigeria, heightening concerns over inflation, job losses, and potential business closures.

The latest surge follows successive price hikes by the Dangote Petroleum Refinery, which recently raised its ex-depot price to about ₦1,275 per litre, its fifth increase in March. This has intensified scrutiny of pricing dynamics in Nigeria’s deregulated downstream petroleum sector.

After the most recent adjustment over the weekend, pump prices jumped from about ₦1,240 to nearly ₦1,400 depending on location. Northern states are recording higher prices, while consumers in Lagos and Ogun State are paying around ₦1,340 per litre. The increase represents a sharp rise of roughly ₦500 from the average ₦839 recorded before February 28.

Analysts warn that prices could climb to between ₦1,500 and ₦2,000 per litre if global supply disruptions persist, particularly around the Strait of Hormuz.

The NLC criticised what it described as a “seller’s market”, arguing that dominant players effectively dictate prices. The union likened the situation to the cement industry, where locally produced goods are reportedly more expensive than in countries such as Ghana and Rwanda.

It also faulted the government for enabling market concentration, noting that despite Nigeria’s strong revenue profile in refined petroleum, citizens see little benefit. The union maintained that public refineries could perform efficiently with proper management and urged collective action to challenge monopolistic control in the sector.