The Nigerian National Petroleum Company Limited (NNPCL) has raised its petrol pump price for the second time in less than 24 hours, a move swiftly mirrored by several independent filling stations across the country. The adjustments follow a significant increase in the domestic gantry price set by the Dangote Refinery.
On Sunday, NNPCL increased its retail price for Premium Motor Spirit (PMS) in Abuja and surrounding areas from N967 to N1,082 per litre, a rise of N115. This comes after an earlier adjustment from N960 to N967, meaning the state-owned firm’s retail outlets have elevated prices by a total of N207 within a week. The latest rates are now active at NNPCL stations on Kubwa Expressway, Gwarimpa, Wuse Zone 6, Zone 4, and Lifecamp.
Independent dealers, including MRS, AA Rano Ranoil, and Empire Energy, have also implemented at least two price revisions. Their pump prices now range between N1,092 and N1,150 per litre, up from approximately N960 to N980.
Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PROPOAN), linked the domestic price surge to fluctuations in the global crude oil market. He specifically cited the geopolitical tensions in the Gulf region, stemming from the Iran-US-Israel conflict, as a driver of crude price volatility, which in turn prompted the recent Dangote Refinery gantry price hike. Gillis-Harry called on Nigerian oil sector regulators to take action to mitigate further erratic price movements for consumers.
The trigger for the current retail price wave was Dangote Refinery’s decision to increase its own ex-refinery, or gantry, price by N121, from N874 to N995 per litre. This adjustment occurred as global crude oil prices surged past the $90 per barrel mark.
These consecutive price hikes underscore the direct transmission of international oil market dynamics to Nigeria’s domestic fuel market, despite the operational commencement of the Dangote Refinery. The rapid succession of increases highlights the sensitivity of retail prices to both global crude costs and the pricing signals from the country’s largest private refinery. The situation places significant pressure on regulators to ensure market stability and protect consumers from volatile price movements.
