N1,295 Per Litre: NNPC, Others Hike Petrol Prices, Regions With Highest Rates Emerge
- NNPC raises petrol and diesel prices in the Northwest as supply costs climb
- Price disparities emerge between Northwest and Southwest fuel markets amid deregulation
- Rising global crude oil prices signal potential future fuel price increases across Nigeria
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s fuel market is experiencing fresh price adjustments as the Nigerian National Petroleum Company Limited has raised pump prices for petrol and diesel at several of its retail outlets in the Northwest.
Market checks show that the latest increase reflects mounting pressure within the downstream petroleum sector, driven largely by rising global crude oil prices and higher supply costs.
Source: Getty Images
According to observations from the fuel monitoring platform, Petroleumprice.ng, NNPC stations in the Northwest region have revised the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to about ₦1,013 per litre.
Automotive Gas Oil (AGO), also known as diesel, is now selling for as high as ₦1,295 per litre in the same region.
The new prices took immediate effect at affected stations, signalling the latest shift in Nigeria’s deregulated fuel market.
Price differences across regions
While fuel prices have increased significantly in parts of the North, the situation remains slightly different in the Southwest.
Checks across retail outlets in Lagos indicate that many stations are still selling petrol at around ₦932 per litre, suggesting that the recent adjustment has not yet fully spread to that region.
However, market analysts say the gap between regions may narrow soon as supply costs continue to rise nationwide.
The varying prices reflect the evolving structure of Nigeria’s deregulated petroleum market, where fuel prices can now differ across regions depending on supply conditions, logistics costs and depot pricing.
Depot prices signal further increases
Wholesale fuel prices at depots across the country are also pointing to continued upward pressure.
Industry monitoring shows that several depots have begun quoting petrol prices around ₦1,000 per litre, indicating that retailers may soon face higher procurement costs.
In the South-South region, depot prices appear even steeper. At the Calabar axis, Fynefield depot has reportedly sold PMS at about ₦1,050 per litre, highlighting tightening supply conditions in parts of the domestic distribution network.
These rising depot prices often serve as an early signal that retail pump prices may soon adjust further.
Updated dealer pricing structure
Fuel dealers have also confirmed receiving updated price notifications from NNPC Retail.
According to the notice, the AGO pump price has been reviewed to ₦1,295 per litre, while the PMS pump price is now pegged at around ₦1,035 per litre.
For independent dealers operating under the Dealer Own Dealer Operated (DODO) arrangement, the official ordering price for petrol has been set at ₦1,014 per litre.
This pricing structure determines how dealers purchase products from the national oil company before selling them at their respective retail stations.
Global oil market driving local prices
Industry analysts attribute the latest fuel price adjustments to developments in the international oil market.
Brent crude prices have recently surged toward the $90 per barrel mark, increasing the cost of crude supply, shipping, refining and global fuel distribution.
With Nigeria now operating a deregulated fuel pricing system, fluctuations in global oil prices increasingly translate into changes in local pump prices.
Source: Getty Images
Experts warn that if crude prices continue their upward trend, Nigerians could see further adjustments at the pump in the coming weeks as marketers respond to rising supply costs across the fuel value chain.
Petrol prices jump 13% in 48 hours
Legit.ng earlier reported that petrol prices across Nigeria have jumped by about 13 per cent within just two days, after a sharp rally in global crude oil forced major industry players to review their rates.
The immediate trigger was a sudden spike in international oil prices, which pushed crude above 80 dollars per barrel.
In response, the 650,000-barrel-per-day Dangote Petroleum Refinery suspended petrol loading operations at midnight on March 2 before announcing a new ex-depot price of N874 per litre, up from N774.
Source: Legit.ng
