Petrol prices have risen to between N1,050 and N1,150 per litre across Nigeria, driven by increased costs at the Dangote Petroleum Refinery and private depots.
This spike follows the refinery’s adjustment of Premium Motor Spirit (PMS) prices from N899.50/litre to N955/litre on Friday, with further variations depending on purchase volumes and location. 
According to the National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, the rise is closely tied to global crude oil prices, which have climbed to $80 per barrel.
“Without exchange rate improvements, PMS prices will increase in the coming weeks,” Osifo stated.
Oil marketers have echoed these concerns, projecting that pump prices in Lagos and nearby states may exceed N1,100/litre, while consumers in the Federal Capital Territory could pay up to N1,150/litre.
Private depots have also adjusted their prices significantly.
Depots like Sahara, Pinnacle, and Rainoil have increased their rates to as high as N1,000 per litre.
Despite holding older stock, depot owners attribute the surge to the influence of Dangote Refinery’s pricing and the global crude market.
For instance, Pinnacle Depot raised its price from N921/litre to N970/litre, while others like Alkanes Depot in Calabar are now charging N1,000/litre for PMS.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) have noted that the rising cost of PMS could have a ripple effect on retail pump prices.
According to IPMAN’s National Publicity Secretary, Chinedu Ukadike, logistics costs and Brent crude’s influence will keep pushing prices upward.
“Nigerians will likely pay over N1,150 in remote locations, with logistics adding about N50/litre,” he explained.
Oil and gas experts like Olatide Jeremiah have also warned of sustained price hikes.
“Dangote Refinery’s influence on fuel pricing has become unmatched,” Jeremiah stated.
With Brent crude prices currently at $81.84 per barrel, Jeremiah noted that Nigerians should brace for higher pump prices as market forces and global oil trends dictate domestic costs.
This rise in petrol prices has sparked widespread concern, with consumers urging for urgent intervention to stabilize the market and reduce the burden on Nigerians already grappling with economic challenges.
Meanwhile, industry stakeholders emphasize the need for transparency and adherence to the Petroleum Industry Act (PIA) to ensure fair pricing and sustained industry growth.
