NNPC Raises Petrol Price to ₦925 per Litre Amid Market Instability

The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of petrol to ₦925 per litre at its retail outlets in Lagos—marking the second hike in less than a week.

This adjustment follows a previous increase to ₦915 per litre just two days earlier, sparking growing concern among Nigerians already facing mounting inflation and a worsening cost of living.

Checks by TheCable at NNPC stations in Fin Niger, LASU-Iba, and Igando confirmed that the new price has already been implemented.

Industry sources attribute the price hike to ongoing volatility in the global crude oil market, further exacerbated by the escalating conflict in the Middle East.

The development also coincides with the Dangote Refinery’s announcement of a revised ex-depot petrol price of ₦880 per litre, effective from June 21, as it prepares to roll out nationwide distribution of petroleum products. The refinery revealed that it has acquired 4,000 new compressed natural gas (CNG)-powered tankers to enhance its distribution network across the country.

While some stakeholders have welcomed Dangote’s expansion as a step toward fuel security, others have raised concerns over potential market imbalances.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that the refinery’s vertical integration strategy could result in monopolistic control of the downstream sector under the guise of market efficiency. The association fears this could lead to widespread job losses among independent marketers and small-scale retail operators.

Echoing similar concerns, the Major Energies Marketers Association of Nigeria (MEMAN) has urged the federal government to provide transparency regarding Dangote’s involvement in logistics and distribution. MEMAN emphasized that unchecked dominance by a single operator could distort fair competition in the industry.

As fuel prices continue to surge, many Nigerians remain apprehensive about the impact on transport costs, food prices, and overall economic stability.