NNPCL, Marketers Increase Petrol Price Again Within 24 Hours After Dangote Refinery Hike

NNPCL, Marketers Increase Petrol Price Again Within 24 Hours After Dangote Refinery Hike

The Nigerian National Petroleum Company Limited and several independent filling stations across Nigeria have increased the pump price of Premium Motor Spirit (PMS) for the second time in less than 24 hours, following a fresh hike in the gantry price by Dangote Petroleum Refinery.

The development has led to another round of adjustments at retail outlets nationwide, with petrol prices now exceeding ₦1,040 per litre in some parts of the country, particularly in major cities.

Dangote refinery gantry price triggers increase

Industry sources said the latest increase was triggered after Dangote Refinery raised its ex-gantry price of petrol to about ₦995 per litre, up from around ₦874 per litre, forcing marketers and distributors to adjust their retail prices.

The gantry price refers to the amount marketers pay to lift products directly from the refinery before adding transportation, distribution and retail margins.

Following the adjustment, many filling stations immediately reviewed their pump prices upward.

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New pump prices across stations

Checks at filling stations in Lagos, Abuja and other cities showed that:

• Some NNPCL retail outlets now sell petrol at about ₦1,040 per litre.
• Independent marketers are selling between ₦1,050 and ₦1,057 per litre, depending on location and logistics costs.
• A few stations are already approaching ₦1,080 per litre in high-cost distribution areas.

The adjustment represents the second increase within 24 hours, reflecting the rapid reaction of marketers to rising depot prices.

Rising crude prices and market pressures

Energy analysts attribute the price hike to several factors, including:

• Rising global crude oil prices
• Increased operational and logistics costs
• Market-driven pricing under Nigeria’s petrol deregulation policy

Since the removal of fuel subsidy by the Federal Government in 2023, petrol prices have largely been determined by market forces rather than government-controlled pricing.

Public reaction

The latest increase has sparked concerns among motorists, transport operators and small businesses, many of whom say the rising cost of petrol will further increase transportation fares and the general cost of living.

Transport unions in some cities have already hinted that fares may be reviewed if the price trend continues.

Economic analysts warn that persistent increases in petrol prices could worsen inflationary pressures, given the heavy dependence of Nigeria’s economy on petrol-powered transportation and generators.

NNPCL, Marketers Increase Petrol Price Again Within 24 Hours After Dangote Refinery Hike