The Nigerian National Petroleum Company Limited and other fuel marketers increased petrol pump prices in Abuja on Monday, citing rising global crude oil prices.
Checks across the capital revealed that NNPC retail outlets raised prices by N50, from N895 to N945 per litre. At AA Rano filling station in Area 8, Garki, petrol now sells for N955 per litre, up from N910—a N45 increase.
Similarly, Conoil in Central Area adjusted its price from N900 to N945 per litre. However, TotalEnergies in Zone 3, Wuse, maintained its previous rate of N929 per litre.
Motorists React to Price Surge
Burka Galadima, a motorist who spoke to Vanguard at Conoil, acknowledged the inevitability of price fluctuations under a deregulated market but called for government intervention to stabilize costs.
“When the price went below N900 per litre, I was very happy and I was hopeful that it would even come down more. Unfortunately, the war between Israel and Iran has led to an increase in crude oil price. The new price is not surprising to me at all. I expected it after Dangote Refinery increased the price,” Galadima said.
“I want the Federal Government to create a kind of buffer for us. Something to ensure price stability at a time like this. I’m not saying subsidy should come back but there must be something the government can do to keep the price lower and stable.”
The Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, described the adjustment as “deregulation at work.”
“Consumers should be used to this by now. The pump price is determined by a few factors. The most significant is the price of crude oil. Then you talk about exchange rate and other cost of operations,” Ukadike explained.
Expert Warns of Downstream Impact
Olufemi Idowu, Partner at Kreston Pedabo, had earlier warned that the Israel-Iran conflict would drive up fuel prices in Nigeria despite increased government revenue from crude sales.
“Despite the Crude for Naira policy, Dangote still buys at international price and if it is buying at international price, it means that crude oil sales to Dangote will be at a higher price. This means that the pump price of petrol is going to increase. And since the government is not subsidising despite having more money because it has been deregulated, it means the cost of goods and services will go up,” Idowu stated.
“So, while on one hand, the government may be celebrating higher revenue, the likely impact on consumers may be something they would not want to wish for.”
