Nigerian National Petroleum Company Limited (NNPCL) has increased its retail petrol price, marking the latest adjustment following a rise in the refinery’s gantry cost. The state-owned oil firm raised its pump price by N85 per liter, effective Tuesday, selling premium motor spirit at N960 per liter, up from N875 the previous day.
The price hike has been implemented across several NNPCL outlets in the Federal Capital Territory, including locations on Kubwa Expressway, Gwarimpa, Wuse Zone 6, and Zone 4. Other independent marketers have also adjusted their prices. Empire and Ranoil Sharon stations are now selling petrol between N960 and N980 per liter. Meanwhile, MRS filling station along Kubwa Expressway had not commenced fuel dispensing as of the report’s filing, though a manager indicated its price would be reviewed upward in line with the increased gantry cost from Dangote Refinery.
This widespread adjustment follows Dangote Refinery’s decision on Monday to increase its gantry petrol price to N874 per liter. The refinery cited the surge in global oil prices triggered by geopolitical tensions in the Middle East as the primary factor. The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) had both confirmed to local media that fuel prices would rise from Tuesday, aligning with the refinery’s new pricing.
The development underscores the direct transmission of international oil price fluctuations to Nigeria’s domestic market, despite the operational commencement of the Dangote Refinery. Consumers are now facing higher costs at the pump, with prices varying among marketers based on individual supply chains and operational margins. The associations had warned of further adjustments should global crude oil prices continue their upward trajectory.
This price revision represents a significant shift in Nigeria’s fuel market dynamics, occurring just weeks after the Dangote Refinery began supplying the local market. The change highlights the persistent influence of global market forces and regional instability on domestic fuel pricing, with immediate implications for transportation costs and inflation. Retailers are expected to continue recalibrating their prices in response to ongoing changes in the refinery’s gantry rates and international oil benchmarks.
