Nigerians are preparing for another fuel price hike as depot prices for petrol have risen to ₦890 per litre, which is likely to push pump prices close to ₦1,000. This increase comes as private depots raise their rates, following the suspension of petrol sales by Dangote Petroleum Refinery, the country’s largest refinery.
Depot Prices Keep Rising
Fuel dealers say depots in Lagos now sell petrol at ₦875 per litre, up from around ₦850, while those in Calabar have reached ₦890. With Dangote Refinery setting a higher price, independent and major marketers are adjusting their prices, making fuel more expensive for consumers.
“We’re seeing a steady climb,” said Jeremiah Adebayo, a fuel price expert. “Dangote Refinery has a huge impact on pricing, and both depots and filling stations are adjusting.”
Pump Prices Near ₦1,000
Retail prices are expected to exceed ₦1,000 per litre soon, with some stations in Lagos, Abuja, and Port Harcourt already selling between ₦950 and ₦980.
Higher depot costs, transport expenses, and Nigeria’s reliance on fuel imports are making things worse. Even though Dangote Refinery has reduced the need for imports, global crude oil prices, the exchange rate, and transportation costs are still pushing prices up.
“Even with old stock, depot owners are increasing prices to match market rates,” said a fuel dealer.
Nigerians Struggle With Soaring Costs
In Lagos, long queues formed at filling stations on Wednesday as people rushed to buy fuel before prices go higher. “I paid ₦920 per litre today,” said Chinedu Okeke, a commercial driver. “Last week, it was ₦880. How can we keep up?”
A decade ago, petrol cost ₦87 per litre under a government subsidy. But since the removal of subsidies in 2023, prices have been linked to global oil markets and the naira’s value. With Brent crude at around $80 per barrel and the naira trading above ₦1,600 to the dollar, there is little hope for lower prices soon.
Government Yet to Intervene
The Nigerian National Petroleum Company Limited (NNPCL) has not commented on the situation. Private marketers, who control most filling stations, say they have no choice but to increase prices.
“We don’t set the prices; the market does,” said Musa Ibrahim, a station owner in Abuja. “If depot prices hit ₦900, pump prices will reach ₦1,000.”
The government has not announced any plans to reduce the impact of these increases. In January, a similar price hike pushed fuel to ₦1,150 per litre in some places before prices later dropped slightly.
Experts warn that if prices cross ₦1,000 per litre, the cost of transport and goods will also rise, worsening Nigeria’s economic challenges.
