Nigerians are facing a fresh round of petrol price hikes as the pump price of Premium Motor Spirit (PMS) hit ₦955 per litre in some locations on Monday, June 24, 2025. The upward adjustment—effected by both the Nigerian National Petroleum Company Limited (NNPCL) and independent oil marketers—reflects growing pressures from escalating ex-depot prices and global oil market volatility.
Checks across retail outlets in major cities such as Abuja, Lagos, Ogun, and other southwestern states revealed widespread adjustments in pump prices, ranging between ₦915 and ₦955 per litre. In Abuja, NNPCL stations increased their rates to ₦945 per litre, while some independent marketers pegged their prices at ₦955 per litre, up from a previous average of ₦895.
In Lagos, fuel prices climbed to ₦915–₦950, depending on the station and ownership. MRS, TotalEnergies, Heyden, AP, and other key players—all partners or suppliers of the Dangote Petroleum Refinery—revised their prices to between ₦910 and ₦935 per litre across different locations.
The latest retail price surge follows a significant rise in ex-depot prices, triggered by the Dangote Refinery’s decision to adjust its supply price from ₦825 to ₦880 per litre. As of June 23, major depots such as Pinnacle, NIPCO, TSL, and Fynefield had adjusted their ex-depot rates to between ₦920 and ₦940 per litre, citing increased logistics and crude oil acquisition costs.
At Dangote’s own depot, sales closed at ₦905 per litre, while NIPCO’s Lagos hub posted the sharpest hike—₦25 per litre—representing a 2.72% increase. These price escalations have had a ripple effect across the downstream value chain.
“The surge in depot fuel prices is abnormal. The recent global crude price movement doesn’t justify a 10% increase. Marketers are pricing speculatively,” said Olatide Jeremiah, CEO of PetroleumPrice.ng.
Rising geopolitical tensions in the Middle East have added further strain to the already fragile Nigerian fuel market. A weekend military confrontation between the United States, Israel, and Iran—including missile strikes on US bases in Qatar and Iraq—has stoked fears of global oil supply disruptions.
Though Brent crude briefly jumped to its highest price since January, it eventually settled at $71.66 per barrel, while WTI fell to $68.32. Nonetheless, the speculative impact of the conflict has already crept into Nigeria’s deregulated fuel market.
Depot operators and importers are reportedly bracing for more supply chain uncertainties, contributing to the hoarding, markups, and unpredictable pricing models across various states.
The effect of the petrol price hike is immediate and severe for millions of Nigerians, especially commuters and small businesses. Transport fares are expected to rise as commercial drivers adjust rates to cope with the additional fuel burden. The situation is exacerbating inflation, already running high due to food costs, electricity tariff increases, and forex volatility.
“This is not just a fuel price story—it’s a household inflation story,” said a transport analyst in Lagos. “Every additional ₦10 on a litre of petrol spirals across the economy in days.”
While Nigeria’s downstream oil sector remains deregulated, analysts have urged for temporary regulatory oversight or fiscal buffers to cushion the effect of global shocks on local pump prices. There are growing calls for strategic fuel reserves and pricing mechanisms that prevent volatile cost transfers to end-users.
The Federal Government, through NNPCL, has not issued an official statement as of press time. However, the consistent adjustments at its retail outlets and those of its downstream partners suggest that prices may remain unstable for the foreseeable future.
With Naira exchange rates still fluctuating despite recent forex market reforms, and global oil markets reacting to escalating geopolitical risks, fuel prices in Nigeria are likely to stay elevated in the short term. Marketers continue to operate under cost-recovery frameworks, often leading to unpredictable pump price dynamics.
Experts warn that if crude prices push past the $80 per barrel mark amid prolonged conflict in the Middle East, domestic fuel prices may cross the ₦1,000/litre threshold, barring urgent intervention.