The Dangote Petroleum Refinery has raised its petrol gantry price by ₦121, increasing the ex-depot rate from ₦874 to ₦995 per litre, amid ongoing volatility in global crude oil markets.
Following this adjustment, major filling stations in Abuja quickly revised their pump prices.
A survey conducted on Sunday showed most outlets selling petrol at ₦1,100 per litre, marking a significant jump from prices recorded earlier in the week.
Earlier on Saturday, the Nigerian National Petroleum Company Limited (NNPC) had raised its price from ₦960 to ₦967 per litre, following a prior hike from ₦875 to ₦960. The new pricing has been implemented at NNPC filling stations in Abuja and surrounding areas, while other outlets across the city now charge between ₦967 and ₦1,000 per litre.
The surge in petrol prices has already started to affect transport costs.
In Ibadan and surrounding communities, fuel queues are reappearing as PMS prices climb to between ₦1,020 and ₦1,080 per litre. Commuters are facing fare increases across the city.
The fare hikes are gradually extending to other routes as transport operators adjust to the rising cost of fuel.
Many motorists have also been spotted carrying jerry cans in search of petrol, indicating tightening supply in some areas.
Speaking on the recent price fluctuations, Nigerian Midstream and Downstream Petroleum Regulatory Authority spokesperson George Ene-Ita explained that the variations are market-driven, not due to regulatory interference.
“Nigeria has been operating a fully deregulated downstream petroleum regime since the inception of the current administration. Therefore, pump price vagaries are purely a result of market dynamics,” Ene-Ita said.
He added that the deregulated framework allows petroleum product prices to respond to prevailing market conditions, promoting competition, efficiency, and investment in the downstream oil and gas sector.
