Petrol price crisis escalates nationwide again as NNPCL, marketers hike rates amid Iran-US conflict.
Petrol Price Crisis Escalates Nationwide Again
A fresh wave of price hikes grips Nigerian motorists as global tensions inflame oil markets.
On Monday morning, Abuja motorists woke to a familiar yet devastating sight filling station price boards blinking with new figures: ₦945 per litre at Nigerian National Petroleum Company Limited (NNPCL) outlets.
In Lagos, the numbers had also shifted this time to ₦915. And in the coming hours, it became evident: Nigeria’s petrol price crisis has escalated again.
Across major Nigerian cities, the cost of Premium Motor Spirit (PMS) surged at both NNPCL stations and independent filling stations, pushing working-class households deeper into economic uncertainty.
From the oil depots of Lagos to the urban outskirts of Ogun and the federal capital, fuel marketers are once again adjusting prices with little warning,
blaming a volatile combination of international conflict, local refinery pricing, and unregulated depot speculation.
But beyond these numbers is a growing national unease. Why is petrol inching toward ₦1,000 per litre?
And what role do international oil tensions, especially the fresh military exchange between Iran and the United States, play in shaping prices at Nigerian pumps?
NNPCL, Independent Marketers Raise the Bar
In a span of just 24 hours, petrol prices recorded steep jumps across Nigeria’s downstream retail network:
Abuja (NNPCL outlets): from ₦910 to ₦945 per litre
Lagos (NNPCL outlets): from ₦870 to ₦915 per litre
Independent marketers (Abuja): up by ₦60 to ₦955 per litre
Independent marketers (Lagos): varied from ₦915 to ₦950 per litre
Even filling stations that still held older petrol stocks reportedly updated their pumps immediately a move driven more by precaution than actual cost, according to station managers.
“We can’t afford to sell at yesterday’s price,” explained a manager at a station in the Kubwa area of Abuja. “By the time we restock tomorrow, the price might jump again. We’re playing defense now.”
Dangote’s Refinery Spurs New Price Chain Reaction
The Dangote Petroleum Refinery, hailed months ago as a game-changer for Nigeria’s self-reliance in fuel production, has also revised its ex-depot prices.
From ₦825, Dangote’s depot price climbed to ₦880 per litre, triggering a domino effect across other marketers who rely on its supply chain.
Strategic retail partners such as MRS, AP, Heyden, and Optima followed suit:
MRS (Lagos): ₦925
MRS (Ogun): ₦935
TotalEnergies: ₦910
Oluwafemi Arowolo Petroleum (Lagos suburb): ₦920
In many locations, independent stations are offering the highest prices, with NIPCO and A.A Rano among those pegging petrol at ₦955 per litre in Abuja.
A Crisis Fueled from the Depots
Behind the retail chaos lies an unregulated depot pricing war. As of June 23, 2025:
WOSBAB, Pinnacle, NIPCO depots (Lagos): selling PMS at ₦920–₦925/litre
Dangote Depot: closed at ₦905/litre
TSL, Fynefield, Ever depots: peaked at ₦940/litre
Even depots that had previously held steady such as First Fortune and Rainoil are now adjusting to ₦920/litre.
Depot operators cite rising global crude prices, driven in part by international military escalations,
particularly the US-Israel bombing of Iranian nuclear facilities over the weekend, which prompted Iranian retaliation.
Global Conflict, Local Consequences
The renewed conflict in the Middle East is sending shockwaves through the oil market, with analysts warning of a ripple effect that could last for weeks.
Here’s what’s happened:
US-Israeli coalition launched airstrikes on Iranian nuclear infrastructure.
Iran retaliated with missile attacks on US bases in Qatar and Iraq, with six confirmed projectiles hitting US-operated Al Udeid base in Qatar.
Qatar condemned the attack, calling it a violation of sovereignty.
Oil prices initially surged, but later saw unexpected dips:
Brent crude: dropped to $71.66/barrel
WTI crude: fell to $68.32/barrel
Still, the short-term drop hasn’t calmed nerves at home.
“It’s not just the global crude rate,” said petroleum analyst Olatide Jeremiah, CEO of PetroleumPrice.ng.
“There’s also speculation and artificial scarcity at Nigerian depots. Crude rose by 3%, but depot prices jumped 10%. That’s not cost reflection that’s profit manipulation.”
Nigerians Bear the Brunt
The real victims of this upward spiral are everyday Nigerians.
From delivery drivers to schoolteachers, from market women to entrepreneurs, Nigerians are already adjusting their budgets.
Transport fares have quietly risen across multiple cities, with urban commuters in Abuja and Lagos reporting ₦100–₦200 increases in bus fares within 48 hours.
Business owners are also feeling the pinch.
“If we can’t fuel our generators, we can’t operate,” said Adetoun, a frozen food vendor in Iyana-Ipaja.
“NEPA has not given us light for two days, and now petrol is ₦920 per litre. Where do I go from here?”
Read Also:
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Inflation May Spiral Further
The latest fuel price hike is likely to push inflation even higher, especially food and transport inflation two of the most sensitive consumer price indices in Nigeria.
With the naira still weak and global oil volatility expected to continue, analysts are projecting a possible jump to ₦980–₦1,000/litre before the end of July.
Government Remains Silent
Despite the magnitude of the price shift, there has been no official statement from the NNPC leadership or the Ministry of Petroleum Resources at the time of reporting.
Fuel regulation was technically deregulated in 2023, following the fuel subsidy removal under President Tinubu.
However, many Nigerians argue that what they’re experiencing today is a deregulated system without consumer protections.
“You can’t just throw us into an open market without a safety net,” said Musa Ibrahim, a Keke Napep rider in Ikeja. “Subsidy is gone, but where is the fairness?”
The Bigger Question: Where Do We Go from Here?
As Nigeria struggles with price shocks from both internal market behavior and external geopolitical tensions, a broader policy conversation is urgently needed.
Will there be a cap on depot pricing?
Can the government create a buffer against international oil price shocks?
Will Dangote’s refinery eventually stabilize prices, or has it become part of the speculative problem?
Until those questions are answered, millions of Nigerians will continue to live at the mercy of fuel price boards, updated without warning and without accountability.
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