Dangote Refinery Price Hike Triggers Fresh Surge Across Filling Stations

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol to ₦945 per litre in Abuja and ₦915 in Lagos, signaling another wave of pressure on consumers and the broader Nigerian economy.

The upward adjustment was observed on Monday, June 23, at several NNPCL-owned retail outlets, following last week’s hike in Dangote Petroleum Refinery’s ex-depot petrol price from ₦825 to ₦880 per litre.

📍New Petrol Prices by Location

• Abuja (FCT): NNPCL now sells at ₦945/litre, up from ₦910
• Lagos: NNPCL stations sell at ₦915/litre, up from ₦870
• This represents a ₦35 to ₦45 price increase, with ripple effects already visible across private depots and independent marketers nationwide.

🏭 Private Marketers Follow Suit

• Private fuel stations have swiftly adjusted their prices in response:
• MRS Oil: ₦925/litre
• TotalEnergies: ₦910/litre
• Oluwafemi Arowolo Petroleum (Iba, Lagos): ₦920/litre

Depot operators such as Wosbab, Pinnacle, and NIPCO confirmed new ex-depot rates between ₦920 and ₦925, citing rising upstream costs, international crude price fluctuations, and a weaker naira.

🌍 Global Tensions Affect Local Fuel Prices

The sharp rise in petrol prices comes amid rising geopolitical tensions in the Middle East. The ongoing US-Israel airstrikes on Iranian nuclear facilities have spurred fears of global oil supply disruptions, pushing crude oil prices toward the $80 per barrel mark.

Energy analysts warn that this trend could force Nigerian fuel prices above ₦1,000 per litre in the coming days if global crude prices continue to surge and the naira further depreciates.

“If crude oil price crosses the $80 threshold, depot owners will definitely increase prices to N1,000 per litre,” warned Olatide Jeremiah, CEO of PetroleumPrice.ng.

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He noted that the temporary halt in supply from Dangote Refinery last week contributed significantly to the sudden jump in prices.

💥 Inflation and Economic Pressure Mount

The fuel hike is expected to worsen Nigeria’s inflation rate, with transportation, food prices, and cost of living all likely to rise. Small businesses and daily commuters are already feeling the heat, especially in urban areas like Lagos, Abuja, and Port Harcourt.

Many Nigerians have expressed frustration over the unpredictable nature of the deregulated downstream sector, despite promises of stability following the launch of Dangote Refinery operations.

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