Fuel Prices Surge as NNPCL Hikes Pump Cost Above N1,300 Following Dangote Refinery Increase

Fuel prices have climbed sharply across Nigeria as the Nigerian National Petroleum Company Limited (NNPCL) increased its pump price to over N1,300 per litre, following a fresh price adjustment by Dangote Refinery.

At several NNPCL retail outlets in Abuja and surrounding areas over the weekend, petrol was sold at N1,367 per litre, up from N1,261, representing an increase of N106 per litre. The latest adjustment has pushed domestic fuel prices beyond the $1 per litre mark when converted at the official exchange rate.

The development comes in the wake of Dangote Refinery’s latest price revision, where it raised the ex-depot price of petrol from N70 to N1,245 per litre. The refinery attributed the increase to rising global crude oil prices, which have surged above $110 per barrel in recent weeks.

The ripple effect of the refinery’s pricing has been felt nationwide, with several filling stations, including those linked to the Dangote Refinery through partners such as MRS, also adjusting their pump prices to reflect the new cost structure.

Checks show that petrol prices at some stations now range between N1,367 and N1,440 per litre, depending on location and brand. The rising cost of fuel continues to place additional pressure on consumers already grappling with inflation and a weakening naira.

The Central Bank of Nigeria (CBN) currently values the naira at approximately N1,353.90 to the dollar, further highlighting the impact of foreign exchange dynamics on domestic fuel pricing.

Analysts say the trend reflects Nigeria’s ongoing struggle with import-dependent energy pricing and global oil market volatility, even as the country seeks to stabilise its downstream petroleum sector through local refining initiatives.