Business
NNPC Hikes Petrol Prices In Abuja, Lagos, Ibadan
Retail outlets operated by the Nigerian National Petroleum Company (NNPC) Limited on Monday raised the pump price of Premium Motor Spirit (petrol) to N945 per litre in the Federal Capital Territory (FCT).
The price hike was also implemented at NNPC stations in Lagos, where petrol now sells for N915 per litre. The adjustment marks a fresh increase of N45 in Lagos and N35 in Abuja, compared to the previous rates of N870 and N910, respectively.
Ibadan, the Oyo State capital, also recorded a rise in pump prices to N925 per litre at NNPC outlets.
The upward revision follows shortly after the Dangote Petroleum Refinery raised its ex-depot petrol price from N825 to N880 per litre—an industry move that has now triggered wider market response among retailers nationwide.
At the NNPC retail outlet in the Federal Housing area of Kubwa, Abuja, the new rate of N945 per litre was prominently displayed.
A similar adjustment was recorded at the state-owned mega station along Obasanjo Way. In Lagos, NNPC outlets in Igando and along the Badagry Expressway reflected the revised N915 per litre price.
The fuel price increase comes amid global oil market volatility triggered by heightened geopolitical tensions.
In a special report, Tribune Online noted that the global prices of oil may see a spike following US President Donald Trump’s decision to strike three nuclear facilities in Iran, directly entering the ongoing tensions between Iran and Israel.
It will be recalled that Trump, while addressing the nation from the White House, said the Fordow, Isfahan, and Natanz facilities were “completely and fully obliterated” in a military operation on Iran.
The U.S. added there are more targets left if the Iranian regime attempted to attack America or its interests.
Following the US attack on Iran, the market impact of President Donald Trump’s decision is already beginning to reshape investor expectations across asset classes, sectors and geographies.
As markets reopen, reports say investors are bracing for sharp volatility, with crude oil prices expected to surge and inflation forecasts now under intense scrutiny.
With the U.S. formal entry into the conflict that had remained largely contained within the Middle East, there’s a growing fear the action may trigger broad-based repricing across the global economy.
“The US strike on Iran’s nuclear sites is a market-defining moment,” says Nigel Green, CEO of financial advisory giant deVere Group. “It’s a direct hit to the assumptions that have been driving investor positioning: lower inflation, falling rates, and stable energy prices. This framework has just been broken.”
Tribuneonlineng.com
The cost of importing petrol into Nigeria has dropped sharply following the recent decline in global crude oil prices, creating fresh competition for local refiners, including the $20 billion Dangote Refinery.
New data released by the Major Energy Marketers Association of Nigeria (MEMAN) shows that the landing cost of imported Premium Motor Spirit (PMS), also known as petrol, has fallen to N1,117 per litre.
The figure is now significantly lower than Dangote Refinery’s gantry price of N1,250 per litre, leaving a difference of N133 per litre.
The development comes days after the mega refinery reduced its ex-depot petrol price from N1,275 to N1,250 per litre in response to changing market conditions.
The latest MEMAN pricing template suggests that fuel importers may now enjoy a competitive edge over domestic refiners as international crude prices continue to soften. Aside from petrol, the landing costs of other petroleum products also recorded notable declines.
According to the data, diesel landing cost dropped to N1,470 per litre, compared to Dangote Refinery’s price of N1,700 per litre. Aviation Turbine Kerosene (ATK), commonly known as aviation fuel, also fell to N1,426 per litre, while Dangote’s price remains N1,650 per litre.
MEMAN estimated the exchange rate for fuel imports at N1,366.85 per dollar, reflecting the prevailing official foreign exchange rate at the time of the calculation.
Some filling stations along the Lagos-Ibadan Expressway and in other locations across Lagos and Ogun states have reduced petrol prices below N1,300 per litre.
This follows a price cut announced by the Dangote Petroleum Refinery on Sunday.
The refinery adjusted its ex-depot gantry price of petrol down to N1,250 per litre from N1,275 per litre, while also slashing the price of diesel to N1,700 per litre from N1,800 per litre.
According to Dangote officials, the price review reflects a recent decline in global oil prices and reinforces the company’s commitment to making refined products more affordable while providing cost relief to Nigerian consumers and businesses.
Following the announcement, observations across the Mowe/Ibafo axis of the Lagos-Ibadan Expressway in Ogun State showed that several independent marketers immediately adjusted their pumps. For instance, MRS filling stations reduced their petrol pump price to N1,286 per litre, NIPCO and Heyden retailed the product at N1,290 per litre, and SGR adjusted its price to N1,297 per litre.
Reductions were also recorded in the diesel market, with many filling stations dropping their prices to N1,800 per litre from the previous N1,900 per litre.
Despite these downward adjustments, many retail outlets still sell petrol above the N1,300 mark. Outlets operated by the Nigerian National Petroleum Company Limited (NNPC) in Ibafo adjusted their pumps to N1,305 per litre, while Mobil and Asharami sold the product at N1,310 and N1,320 per litre, respectively.
The overall price drop comes after a prolonged period of high fuel costs in Nigeria, which saw petrol skyrocket from N830 per litre to over N1,300 after global crude oil climbed past $115 per barrel due to tensions between the United States and Iran.
Barely 24 hours after announcing a reduction in the price of premium motor spirit (PMS), commonly known as petrol, Dangote Refinery has adjusted its ex-depot price upward, joining several other fuel depot operators in responding to renewed volatility in the global oil market.
The latest development comes after the refinery had cut petrol prices twice within two days, lowering its ex-depot rate from N1,275 per litre to N1,250 per litre.
However, fresh market data now indicates a reversal of that trend as rising crude oil prices continue to influence domestic fuel pricing.
Industry observers attribute the latest increase to growing uncertainty in the international energy market, particularly concerns surrounding the Strait of Hormuz, a critical shipping route for global oil supplies.
Data from PetroleumPriceNG shows that Dangote Refinery increased its petrol price by 0.46 per cent to N1,256 per litre, up from N1,250 per litre announced earlier.
The refinery’s adjustment was mirrored by several major depot operators across the country. According to the data, AIPEC raised its petrol price to N1,252 per litre, while Ardova also fixed its rate at N1,252 per litre. Bulk Strategic and Liquid Bulk both increased their prices to N1,285 per litre.
The coordinated adjustments reflect growing concerns among marketers and depot operators over the rising cost of crude oil and the need to manage pricing risks.
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