Nigerian motorists faced a rude shock this week as fuel stations hiked petrol prices to N900–N925 per litre, defying the recent drop in global crude oil prices. Major marketers, including NNPC retail outlets and Dangote refinery partners like Ardova and Heyden, implemented the increase despite:
✔ Crude oil prices falling from $69 to $66/barrel
✔ No major naira-dollar exchange rate shift
✔ Dangote refinery’s ex-depot price rising to N850/litre (from N820)
Why This Matters
• Household Impact: Deepens cost-of-living crisis as transport fares spike
• Pricing Mystery: No clear link to current crude or forex fluctuations
• Contradiction: Global oil dipped 5% last week, but local petrol rose
Who’s Selling At What Price?
→ NNPC/Partners: N900 (Lagos/Ogun)
→ AP (Dangote-linked): N925 (Mowe)
→ Heyden: N910
→ TotalEnergies: N910
→ NIPCO/Fatgbems: Still under N900 (N890–N892)
What Next?
→ Possible Relief: Marketers predict price drop this week
→ Dangote’s Role: Refinery denies supply halt amid claims of 40M daily litres
→ Global Watch: Putin-Trump meeting may further influence oil markets
