The Nigerian National Petroleum Company Limited (NNPCL) has raised its domestic petrol price for the second time in four days, reflecting sustained volatility in global crude oil markets. Effective Saturday, the state-owned retailer increased its pump price to 967 naira per litre in Abuja and surrounding areas, up from 960 naira—a 7 naira hike. This follows an earlier adjustment from 875 naira to 960 naira earlier in the week.
The move aligns with similar increases across private filling stations in the Federal Capital Territory, where prices now range between 967 and 1,000 naira per litre. The adjustments come amid a near 9 percent surge in international crude oil prices, with Brent and West Texas Intermediate benchmarks crossing $90 per barrel. Market analysts link the rise to geopolitical tensions in the Middle East and supply concerns.
The timing coincides with a pricing update from the Dangote Refinery, Africa’s largest. On Monday, the refinery raised its ex-depot petrol price, citing climbing crude costs. As Nigeria’s primary fuel supplier, NNPCL’s decisions are closely tied to global oil trends and exchange rate dynamics, though the company does not publicly detail its pricing formula.
Petrol prices remain a politically sensitive issue in Nigeria, where fuel subsidies have been gradually removed, contributing to inflation and public hardship. The back-to-back increases underscore the direct transmission of international oil price shocks to consumers in Africa’s largest economy. With no official mechanism to cushion the impact, transport and logistics costs are expected to rise further, potentially adding pressure to the nation’s inflation rate.
The consistent upward trend highlights the challenges of managing fuel costs in an import-dependent market, despite the operational ramp-up of the Dangote Refinery, which aims to eventually stabilise local supply. For now, consumers face a shifting price landscape driven by external market forces.
