PETROL prices across Nigeria surged past ₦900 per litre on Monday despite a noticeable decline in global crude oil prices, sparking fresh outrage among motorists and commuters already grappling with high living costs.
Investigations by News Point Nigeria revealed that several filling stations, including those operated by the Nigerian National Petroleum Company Limited (NNPCL) and major independent marketers, adjusted their pump prices upward over the weekend.
In Lagos and Ogun states, NNPCL retail outlets were seen selling petrol at ₦900 per litre, even as crude oil prices slid from nearly $69 per barrel last week to around $66 per barrel on Sunday.
Dangote Refinery’s partner marketers including Ardova Plc (AP) and Heyden Petroleum, also raised their prices, with AP outlets in the Mowe area of Ogun State selling at ₦925 per litre and Heyden outlets at ₦910.
A survey confirmed a patchwork of prices across different marketers:
TotalEnergies: ₦910/litre
Asharami Energy: ₦905/litre
NIPCO: ₦890/litre
Fatgbems: ₦892/litre
Enyo Retail: ₦915/litre
Depot prices have also inched upward. The latest data from Petroleumprice.ng showed that average ex-depot petrol prices rose to ₦855 per litre, ranging from ₦850 at Aiteo to ₦870 at Sobaz and Mainland depots. Other depot rates included: NIPCO Lagos at ₦852, Northwest at ₦860, Ever at ₦863, TSL at ₦864, Pinnacle at ₦851.50, Menj at ₦852, and Sahara at ₦855.
On Friday, Dangote Refinery confirmed it had raised its ex-depot petrol price from ₦820 to ₦850 per litre, without providing specific reasons.
Ironically, these increases come as global crude prices have been sliding. Brent crude dropped 4.4% last week, settling at $66.59 a barrel on Friday, while US West Texas Intermediate crude closed at $63.88 — both marking their steepest weekly losses since late June. The drop followed reports that the United States and Russia were exploring a peace deal in the Ukraine war.
Despite the price hikes, fuel marketers insist relief could be on the way. The National Publicity Secretary of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Joseph Obele, told News Point Nigeria that pump prices might be reviewed downward in the coming days.
According to Obele, prices were initially adjusted upward because crude oil spiked about 10 days ago before dropping again last week.
“Last weekend, there was a rise in the price of crude oil. Refineries responded by adjusting prices upward. A few days later, the price dropped again due to geopolitical developments between the US and Russia. We hope to see a downward review of petrol prices tomorrow or the day after,” he explained.
Obele also claimed that the Dangote Refinery had “suspended PMS loading for about eight days,” a move he said contributed to tighter supply and higher prices. However, the refinery has denied this, insisting it continues to supply 40 million litres of petrol daily to the market.
For now, motorists and commuters continue to face the pinch, with transportation costs rising and household budgets stretched further waiting to see if marketers will keep their word on an imminent price reduction.