Petrol hits N955/litre as marketers, NNPC inflate prices

Retail outlets under the nameplate of the Nigerian National Petroleum Company Limited effected an upward adjustment in the pump price of the Premium Motor Spirit, also known as petrol, to N945 per litre in the Federal Capital Territory on Monday.

They also adjusted their petrol price to N915 per litre at several of their Lagos retail outlets, marking a fresh upward shift in the downstream retail market. The latest increase marks a fresh spike of N45 and N35 in Lagos and Abuja, respectively, up from the previous prices of N870 and N910 per litre.

Also, independent marketers effected an increase of N60 from N895 per litre to N955 per litre in Abuja. In Lagos, the costs ranged from N915 to N950, depending on the station of the independent oil dealer.

The PUNCH reports that as of Monday, petrol prices hovered between N915 and N950 in Lagos, Ogun and other parts of the South-West. Dangote’s partners, such as MRS, Heyden, AP and others, sold petrol at N925 per litre in Lagos and N935 in Ogun.

One of our correspondents observed that the NNPC also jerked up its price on Monday, selling a litre of petrol at N915 in Lagos. Filling stations said they were wary of the price volatility, saying they had to raise prices, though the current stock was purchased before the price surge.

The price adjustments come just days after the Dangote Petroleum Refinery increased its ex-depot price of petrol from N825 to N880 per litre, sparking an industry-wide response.

Our correspondents observed that the new pricing was implemented across several NNPC-owned filling stations and independent marketers, intensifying the financial strain on consumers already grappling with high transportation and living costs.

At the NNPC retail outlet in the Federal Housing area of Kubwa, Abuja, the new price of N945 per litre was boldly displayed, with similar adjustments noted at the state-owned mega station along Obasanjo Way.

Along the popular airport road, The PUNCH observed that A.Y.M. Shafa, A. A Rano and NIPCO sold their petroleum products at a uniform price of N955 per litre. However, strategic partners with the Dangote refinery, such as Optima and MRS, offered their products at N945 per litre.

In Lagos, stations located in Igando and along the Badagry Expressway reflected the revised N915 per litre rate. The ripple effect was also visible across private retail outlets. MRS filling stations, a strategic partner of the Dangote refinery, raised pump prices to N925 per litre in Lagos, up from N875.

TotalEnergies followed suit with a new price of N910, while other marketers like Oluwafemi Arowolo Petroleum in Iba pushed rates to N920 per litre.