In another wave of fuel price shock, the Nigerian National Petroleum Company Limited (NNPCL) has reviewed the pump price of Premium Motor Spirit (PMS) upward across its retail outlets now selling at ₦922 per litre in Lagos and ₦928 per litre in Oyo State, also prompting other retail outlets to increase their pump prices between ₦900 to ₦955 per litre.
The new price adjustment, which took effect early this week, comes on the heels of a steep rise in depot petrol prices now hovering around ₦900 per litre amid supply disruptions at the Dangote Petroleum Refinery.
This development has deepened public frustration, especially among transporters, small business owners, and households already stretched thin by high inflation and volatile energy costs.
Depot Prices Surge as Dangote Refinery Faces Downtime
According to market data obtained by Petroleumprice.ng on October 13, 2025, depot prices for PMS have spiked across major coastal locations, including Lagos and Calabar, ranging between ₦870 and ₦900 per litre.
Industry sources link the hike to ongoing maintenance and performance checks at the Dangote Refinery, which has scaled down production and limited truck loading to only a few marketers.
An operations source close to the refinery told Petroleumprice.ng, “The refinery is operating at a reduced rate and will only load a few trucks for now until the ongoing maintenance is completed.”
In Lagos, Aiteo sold PMS at ₦890 per litre, Pinnacle and Integrated Oil and Gas at ₦870, while in Calabar, Matrix Energy and Northwest Petroleum traded at ₦890 and ₦880 respectively. Sobaz Depot hit ₦900 per litre, marking the highest recorded depot rate so far this month.
Why NNPCL Adjusted Pump Prices
With depot prices climbing, NNPCL’s price adjustment is viewed by industry analysts as a cost-reflective response to prevailing market conditions.
According to a downstream marketer, “NNPCL has no choice but to adjust pump prices in line with depot costs. Landing costs have gone up due to high freight rates, rising global crude prices, If Dangote’s supply remains unstable, retail prices will keep moving upward.”
The company’s adjustment underscores a larger challenge Nigeria’s heavy reliance on imported refined products, even as local refining capacity is yet to stabilise.
The Human Toll: Transport, Food Prices Set to Rise
For millions of Nigerians, this new development translates into tougher daily realities. Transport unions in Lagos and Ibadan are already meeting to review fares upward, while food vendors and traders brace for another round of inflation driven by rising logistics costs.
“I used to fill my car with ₦25,000; now I need over ₦35,000,” lamented Tunde, a commercial driver at Ojota. “Everything is going up, but income is the same. How do we survive?”
The situation is no different in Oyo, where commuters reported sharp fare increases on major routes within Ibadan. Market operators say higher fuel prices will soon reflect on the cost of transporting goods from rural to urban markets.
Regulatory Silence and Industry Anxiety
So far, regulators have maintained silence over the Dangote Refinery’s reduced operations. Several marketers told Petroleumprice that loading from the refinery remains inconsistent, with some deliveries halted for additional quality checks and performance assessments.
Energy experts argue that this regulatory silence adds to market uncertainty. Dr. Ifeoma Adebanjo, an oil economist, said, “Deregulation without consistent local refining is a ticking time bomb. Until domestic refineries including Dangote and modular plants can produce steadily, pump prices will continue to mirror global shocks.”
What Lies Ahead for Consumers
With depot prices nearing ₦900 per litre and pump prices at ₦922 in Lagos and ₦928 in Oyo, the outlook for October remains grim. Analysts predict that unless Dangote resumes full-scale operations soon, NNPCL may be forced to implement further upward reviews to sustain supply.
However, some experts see a possible shift coming with the government’s CNG and LPG adoption drive under the Decade of Gas initiative a move aimed at reducing petrol dependence over time.
For now, though, the average Nigerian remains trapped between fuel scarcity fears and rising pump prices. The promise of affordable energy still feels distant, as the nation waits for its refining revolution to truly begin.
