A nationwide fuel price hike looms as a crucial meeting between the Federal Government (FG) and Dangote Refinery, intended to address the suspension of the naira-for-crude sale policy, has been postponed indefinitely. The delay has heightened fears of escalating depot and retail pump prices, with early signs already visible across Nigeria’s fuel stations.
The naira-for-crude policy, which enabled Dangote Refinery to purchase crude oil in local currency, was suspended by the Federal Government earlier this month reportedly around mid March though no official date has been widely confirmed. This suspension, which has been widely talked about in our previous stories, has disrupted the fuel supply chain, triggering a ripple effect on depot prices and, subsequently, retail stations nationwide.
Effects on Depot and Station Prices in Abuja
The impact is starkly evident in the Federal Capital Territory (FCT). On Monday, March 24, 2025, retail petrol stations in Abuja raised pump prices by ₦42, or 4.67%, to ₦940 per litre. A visit by our correspondent revealed varied adjustments across stations. Conoil, along Airport Road, increased its price to ₦940 per litre. AYM Shafa and Matrix both hiked prices by ₦20 to ₦920 per litre, while Salbas, on the same route, set its price at ₦930 per litre. Meanwhile, NNPCL and MRS stations maintained their rate at ₦880 per litre, leading to long queues as motorists sought cheaper fuel.
Pump Prices in Lagos Today
In Lagos, the situation is equally concerning. As of today, March 25, 2025, a spot check by our correspondent along key routes showed fluctuating prices. At an NNPCL station in Ikeja, petrol sold for ₦860 per litre, while a Conoil station along Lagos-Ibadan Expressway listed ₦900 per litre. Independent marketers, such as a station in Agege, reported prices as high as ₦920 per litre, reflecting the rising depot costs trickling down to consumers.
Panic Buying and Market Strain
The postponement of the FG–Dangote meeting has fueled uncertainty, with marketers and consumers bracing for further increases. Depot prices have surged following the policy suspension, forcing station owners to adjust rates to remain viable. In Abuja, the price gap between NNPCL/MRS outlets and others has sparked panic buying, with long queues becoming a common sight. Lagos is also witnessing early signs of consumer unrest as prices creep upward.
The situation underscores the broader implications of the stalled talks. With no clear timeline for resuming the naira-for-crude arrangement, the risk of a full-blown price surge grows, threatening to deepen economic pressures on Nigerians already grappling with rising living costs.
Call for Robust Action
Analysts urge swift resolution to avert a crisis. “The longer this delay persists, the worse the fallout at depots and pumps,” noted an industry insider. As the nation watches, the postponed meeting remains a pivotal factor in determining whether fuel prices stabilize or spiral further out of reach for the average citizen.
