By Olatunbosun Obafemi
The Nigerian National Petroleum Company (NNPC) Limited has raised petrol pump prices to N915 per litre in Lagos and N945 in Abuja, following increased global oil market volatility due to escalating Iran-Israel tensions. The hike—N45 in Lagos and N35 in Abuja—was confirmed at several NNPC stations on Monday.
This comes just after Dangote Refinery raised its ex-depot price to N880 per litre, triggering similar adjustments by other marketers. MRS now sells petrol at N925, TotalEnergies at N910, and some independents as high as N920.
Brent crude has surged to $93.65 per barrel, up from $87, as fears of supply disruption across the Persian Gulf grow. Energy economist Dr. Kelechi Eneh explains that despite local refining, Nigeria’s fuel pricing remains exposed to global market forces due to international crude pricing.
Meanwhile, the Dangote Refinery’s new logistics initiative—a fleet of 4,000 CNG-powered tankers—has sparked fears of monopolistic control in fuel distribution. PETROAN and MEMAN have raised alarms about market distortion and job losses.
The price surge is expected to further stoke inflation, now at 33% (core) and nearly 40% (food). Transport costs are already rising, with citizens like Lagos commuter Iyabo Akinwale decrying stagnant wages amid skyrocketing living costs.
The Tinubu administration faces mounting pressure to mitigate the fallout of subsidy removal through palliatives and stronger regulatory oversight. With no relief in sight, Nigerians are left grappling with deepening economic strain.
