Nigeria's Petrol Prices Surge After Refinery Price Hike

Petrol prices in Nigeria have sharply increased after Dangote Petroleum Refinery raised its wholesale gantry price from N1,265 to N1,350 per litre, marking a 6.7% rise. This adjustment has pushed pump prices at major filling stations in cities like Lagos and Abuja to new highs.

In Abuja, NIPCO increased its pump price from N1,350 to N1,430 per litre, while Mobil and MRS raised theirs to N1,400 and N1,395 per litre, respectively. In Ogun State, prices varied, with NNPCL outlets charging lower than Fatgbems, which sold at N1,385 per litre.

Marketers who purchased supplies before this adjustment may sell at lower prices until they restock. Economist Aliyu Ilias warned that repeated price hikes could exacerbate inflation by increasing transportation and production costs.

Owei Lakemfa urged the government to protect Nigerians from volatile global oil prices. Chinedu Ukadike from IPMAN noted that frequent wholesale price changes create uncertainty for filling station operators.