Petrol pump prices across Nigeria have surged to N900 per litre and above, even as global crude oil prices declined in recent days.
Despite crude falling from nearly $69 to around $66 per barrel since Sunday, some filling stations—including those operated by the Nigerian National Petroleum Company Limited (NNPCL)—have raised their prices. In Lagos and Ogun States, NNPCL outlets now sell petrol for N900 per litre.
Retailers affiliated with the Dangote Refinery, such as Ardova and Heyden, have also hiked their prices. Observations show that Ardova (AP) sold fuel for N925 per litre in Mowe, Ogun State, while Heyden charged N910.
On Monday, varying prices were recorded along the Lagos-Ibadan Expressway, despite no major changes in crude oil prices or the naira-dollar exchange rate. Throughout the previous week, many Lagos and Ogun stations sold petrol below N900, although higher prices were seen in the South-East, South-South, and the North.
As of Monday:
- TotalEnergies: N910
- Asharami: N905
- Enyo: N915
- NIPCO: N890
- Fatgbems: N892
Meanwhile, the Dangote Refinery increased its ex-depot price from N820 to N850 per litre on Friday, without providing an explanation. Data from Petroleumprice.ng shows average depot prices hovering around N855, with suppliers such as:
- Aiteo: N850
- Sobaz & Mainland: N870
- Sahara: N855
- NIPCO Lagos: N852
- Northwest & Alkanes: N860
- TSL: N864
- Pinnacle: N851.5
Ironically, this retail price increase comes as international oil prices recorded their biggest weekly losses since late June. Brent crude dropped 4.4%, and West Texas Intermediate fell 5.1% on Friday. Reuters reported that oil markets were reacting to potential geopolitical developments involving the U.S. and Russia, including possible peace talks over Ukraine.
Marketers Expect Price Drop Soon
According to Joseph Obele, National Publicity Secretary of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), prices are expected to drop later this week.
Obele explained that a temporary rise in crude prices about 10 days ago led to higher refinery and depot rates. However, with crude now falling again, pump prices should also reduce.
He also mentioned a reported eight-day suspension of petrol loading by the Dangote refinery, which may have contributed to the price spike—though the refinery has denied any such disruption, claiming it continues to supply 40 million litres of petrol daily.
“We expect prices to come down by Tuesday or Wednesday,” Obele said, urging Nigerians to remain calm as the market adjusts.