June 23, 2025
Following rise in crude oil price at the international market, the Nigerian National Petroleum Company, NNPC, Limited and other petroleum marketers, have raised petrol pump price in Abuja, Lagos and Port Harcourt.
A drive around Abuja on Monday, showed that NNPC retail outlets have raised the pump price from N895 per litre to N945 indicating an increase by N50 while others like Rano and Conoil, raised by N45 .
NNPC Limited also increased the pump price of petrol to N915 per litre Lagos while MRS filling stations, a Dangote refinery partner, increased the petrol price from N875 to N925 per litre and TotalEnergies filling stations increased the price of petrol from N879 per litre to N910.
In Port Harcourt, the Rivers state NNPCL adjusted it price to N935 while some other marketers have increased theirs to to between N940 and N945.
A motorist, who spoke on the increase in Abuja, said given that the pricing system has been deregulated, Nigerians have to get used to fluctuations in the price of petrol. He however, want the Federal Government to create a kind of buffer for the citizens, but not a return subsidy.
READ MORE; Oil Prices Rise In Response To U.S Strikes On Iran Nuclear Sites
The Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Ukadike said the rise in price is “deregulation at work”.
He noted that consumers “should be used to this by now.
The pump price is determined by a few factors. The most significant is the price of crude oil at the international market as well as exchange rate and other cost of operations”.
Concerned by this trend, independent marketers have warned that unless there’s a swift intervention, petrol prices could climb above N1,000 per litre in the coming weeks, driven by surging international oil prices and a weakening naira.
READ MORE; Petrol Prices Dip as Six Depots Slash Rates Amid Rising Market Competition
An oil and gas analyst said despite the Crude for Naira policy, Dangote still buys at international price and if it is buying at international price, it means that crude oil sales to Dangote will be at a higher price.
This means that the pump price of petrol is going to increase. And since the government is not subsidizing despite having more money because it has been deregulated, it will certainly reflect in the cost of goods and services that will go up.
On the global front, the escalating conflict between the United States and Iran has continued to rattle the oil market, with analysts projecting that crude oil prices may soon cross the $80 per barrel threshold. A weekend airstrike reportedly carried out by US-Israeli forces on Iranian nuclear sites has stoked fears of supply disruptions.
