Fuel marketers across Nigeria have raised petrol pump prices to ₦900 per litre and above, even as global crude oil prices recorded a noticeable decline over the past 48 hours. This sharp increase, observed in multiple states, has triggered public concern, especially as the price hike comes amid no significant changes in exchange rates or official government pricing directives.
Our market survey on Monday revealed that several filling stations, including those owned by the Nigerian National Petroleum Company Limited (NNPCL), adjusted their prices to the ₦900 mark. In Lagos and Ogun States, Dangote refinery partners such as Ardova Plc and Heyden Petroleum raised pump prices beyond ₦900, with AP stations selling at ₦925 per litre in Mowe, Ogun State, and Heyden stations offering petrol at ₦910.
On the Lagos–Ibadan Expressway, price boards at different outlets displayed wide variations, confirming that a fresh retail price regime has taken hold. While some brands such as TotalEnergies sold at ₦910 and Enyo at ₦915, others like NIPCO and Fatgbems still maintained sub-₦900 levels at ₦890 and ₦892 respectively.
The latest increases follow an announcement by the Dangote Refinery last Friday, confirming that its ex-depot price for petrol rose from ₦820 to ₦850 per litre. Though no official reason was given, insiders point to global oil price volatility earlier in August and temporary supply pressures in the domestic market.
Data from Petroleumprice.ng shows that depot prices among major suppliers averaged ₦855 per litre, with slight variations:
Aiteo – ₦850
Sobaz & Mainland – ₦870
NIPCO Lagos – ₦852
Northwest – ₦860
Pinnacle – ₦851.5
Sahara – ₦855
This marks a significant cost burden for retailers, many of whom have passed it directly to consumers.
Ironically, the pump price hike came as Brent crude prices dropped from nearly $69 per barrel to $66.59 per barrel, while West Texas Intermediate (WTI) held steady at $63.88. According to Reuters, the decline followed renewed diplomatic discussions between the US and Russia aimed at resolving the Ukraine conflict, easing earlier market fears of supply disruptions.
Despite this dip, Nigerian petrol prices remain detached from global crude trends due to the country’s import-dependent refining system, local distribution bottlenecks, and the absence of direct government subsidies for petrol since deregulation.
Speaking to our correspondent, Joseph Obele, National Publicity Secretary of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), said marketers expect prices to drop this week.
He explained that crude oil prices had risen sharply about 10 days ago, prompting refineries and depots to adjust their prices upward. However, with the recent downward correction in crude prices, he anticipates a reversal.
“By Tuesday or Wednesday, we hope to see a downward review of petrol prices. The last hike was driven by crude’s earlier surge, but now the market conditions have changed,” Obele stated.
Obele also claimed that the Dangote Refinery briefly suspended PMS loading for about eight days, a move that may have contributed to the supply strain. The refinery has since denied this, insisting it maintains a daily supply of 40 million litres to the market.
While the South-West has been recording prices in the ₦890–₦925 range, other regions, particularly the South-East, South-South, and Northern Nigeria, are seeing even higher retail costs, largely due to transportation expenses and supply chain inefficiencies.
Petrol price hikes have immediate ripple effects across Nigeria’s inflation-sensitive economy. Transportation fares often rise within days of an adjustment, driving up the cost of goods and services. The National Bureau of Statistics (NBS) has repeatedly noted that energy costs remain one of the biggest contributors to Nigeria’s headline inflation, which currently hovers above 30%.
Analysts warn that if prices remain above ₦900 for an extended period, businesses could face higher operational costs, further pressuring an already strained economy.
With global crude prices showing signs of stabilisation and supply chains expected to ease in the coming week, Nigerian consumers may see a temporary relief at the pump. However, industry experts stress that without consistent local refining capacity, pricing will remain vulnerable to global market swings and domestic distribution challenges.