Petrol prices have surged once again in Nigeria as the Nigerian National Petroleum Company (NNPC) Limited increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N915 per litre in Lagos and N945 per litre in Abuja.

This marks a N45 per litre increase in Lagos (from N870) and a N35 hike in Abuja (from N910), sparking fresh concerns among citizens and businesses already battling high costs.

The new pricing was observed at several NNPC outlets in both cities, with private and major marketers quickly following suit. For instance:

MRS Oil Nigeria Plc raised its Lagos price to N925/litre (up from N875).

TotalEnergies now sells at N910/litre.

These price hikes follow Dangote Refinery’s recent decision (on June 21) to increase its ex-depot petrol price from N820 to N880 per litre, which signaled a chain reaction across the downstream market.

Logistics Move or Monopoly?

The price surge comes shortly after Dangote Refinery announced a massive logistics rollout, including the acquisition of 4,000 compressed natural gas (CNG)-powered tankers, aimed at beginning nationwide fuel distribution by August 15.

While this initiative is expected to cut out middlemen, improve fuel supply, and stabilize distribution, it has also raised red flags.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has voiced concerns that Dangote’s control over both production and distribution might create a monopolistic structure, pushing out smaller retailers and threatening jobs.

Similarly, the Major Energies Marketers Association of Nigeria (MEMAN) is calling for transparency and inclusivity in the refinery’s logistics strategy, emphasizing the need for multiple players in fuel distribution to keep the market stable and fair.

As of now, neither the NNPC nor regulatory bodies have released statements regarding how long the new prices will last or whether more increases are coming.

With rising pump prices and uncertainty in the air, Nigerians are once again left to navigate the impact of yet another surge in fuel costs.