Finally, NNPC Breaks Silence on New Petrol Price as Dangote Fixes New Ex-Depot Rates

Finally, NNPC Breaks Silence on New Petrol Price as Dangote Fixes New Ex-Depot Rates

  • The Nigerian National Petroleum Company Limited (NNPC) has broken its silence over the recent high cost of petrol in Nigeria
  • The state oil company, which announced a high petrol price recently, is trying to assuage public anger over petrol price increases
  • The development comes amid the hike in ex-depot prices by both the Dangote Refinery and depot operators nationwide

Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.

The Nigerian National Petroleum Company Limited (NNPC Ltd) has clarified the reason behind the recent hike in petrol pump prices across its retail outlets nationwide, citing an increase in the ex-depot rate, the wholesale cost of fuel sold to marketers before retail markups.

NNPC explains reason for price hike

In a statement released on Wednesday, Chief Corporate Communications Officer of NNPC Ltd, Andy Odeh, said the new pump prices reflect adjustments in the ex-depot price structure.

Read also

Dangote refinery slashes diesel prices, now cheaper than NNPC petrol

NNPC opens up on high petrol prices in Nigeria
NNPC Group Chief Executive Officer, Bayo Ojulari, explains high petrol prices in Nigeria Credit: NNPC
Source: Facebook
“The price increase by retail outlets is due to an increase in ex-depot price,” Odeh stated.

The ex-depot price represents the cost at which petrol leaves the refinery or storage depot before being distributed to marketers and retailers. It includes logistics and operational expenses but excludes transport, taxes, and retail margins.

NNPC filling stations adjust prices nationwide

Across major cities, several NNPC Retail outlets have now reviewed their pump prices upward. In Abuja, stations along Kubwa Expressway, Gwarimpa, and Wuse Zones 1, 2, 4, and 6 now sell petrol for ₦955 per litre, up from ₦905 earlier in the week.

Other private outlets also adjusted their prices:

  • Ammasco and NIPCO stations were sold at ₦940/litre
  • Eterna retail outlets in Kubwa and Jabi sold at ₦950/litre

According to the New Telegraph, the changes follow a broader trend of rising wholesale fuel costs that marketers attribute to fluctuating international oil prices, exchange rate pressures, and logistics expenses.

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N1,000/litre: NNPC, marketers give reasons for increase in petrol price “it will soon be over”

Latest ex-depot and refinery rates

According to an Energy Bulletin released by the Competence Center of the Major Energies Marketers Association of Nigeria (MEMAN), as of October 10, the ex-depot price of Premium Motor Spirit (PMS) stood at ₦806.65 per litre, while diesel sold at ₦914.80/litre and aviation fuel (ATK) at ₦913.79/litre.

The 30-day average price for petrol was pegged at ₦984.95/litre.

At the Dangote Refinery, ex-depot rates were on hold for petrol (PMS) as of press time. However, diesel (AGO) was sold at ₦916.19/litre (gantry price), while the coastal price was pegged at $727.50 per metric ton.

Liquefied Petroleum Gas (LPG) was priced at ₦715,000 per metric ton.

Global oil market slump adds pressure

Meanwhile, global oil prices slid by more than two per cent on Wednesday amid renewed concerns about an oversupply in 2026 and ongoing trade frictions between the United States and China — the world’s two largest economies.

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Dangote Refinery shakes market: deploys CNG trucks, sells petrol cheaper at ₦850/litre

Brent crude futures fell by $1.38 (2.2%) to $61.94 per barrel, while U.S. West Texas Intermediate (WTI) dropped $1.24 (2.1%) to $58.27 per barrel — both reaching a five-month low.

Commenting on the market downturn, Dennis Kissler, Senior Vice President of Trading at BOK Financial, noted that U.S.-China trade tensions could dampen demand prospects.

“The latest tensions between the US and China will also be a pressure point on crude as China’s economy could be in question if tensions stay elevated,” he said.

What should consumers expect?

Industry analysts say that the combination of global oil volatility, refinery pricing decisions, and domestic exchange rate pressures could continue to affect Nigeria’s retail fuel prices in the coming weeks.

Meanwhile, data gathered by Legit.ng from PetroleumPriceNG, shows that depot prices remain elevated, with operators selling near N900 per litre.

Checks show that the 650,000 Dangote Refinery increased its ex-depot rates to N889 per litre, up from N854 it distributed to marketers on Wednesday, October 15, 2025.

Petrol prices soar to N1,000 per litre
Nigerians groan as petrol prices skyrockets to N1,000 per litre, NNPC opens up. Credit: Bloomberg/Contributor
Source: Getty Images

Energy policy analysts blamed supply hitches from the mega refinery for the hike in prices.

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Petrol nears ₦1,000/litre: Marketers blame depots, Dangote Refinery glitches for fresh price surge

“Dangote Refinery is undergoing a major maintenance that may last till the end October,” Osas Igho, an analyst told Legit.ng on a call.
“It is expected that the repairs, which affect mostly the refinery’s petrol-producing unit, will continue until month end,” he said.

Marketers blame depots, Dangote for fresh price surge

Legit.ng earlier reported that Petrol prices across Nigeria have inched closer to the ₦1,000 per litre mark, sparking fresh outrage among motorists and consumers.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) and other industry players have blamed depot owners and temporary production disruptions at the Dangote Petroleum Refinery for the latest price surge.

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Filling stations announce new fuel prices as NNPC sells petrol at N922 per litre in Lagos

Checks across Lagos, Abuja, Ogun, Sokoto, and Rivers revealed pump prices ranging from ₦920 to ₦1,000 per litre, with some independent stations selling for as high as ₦1,050 in northern states.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) For over a decade, Pascal Oparada has reported on tech, energy, stocks, investment, and the economy. He has worked in many media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng