Petrol Nears N1,000 Per Litre in Major Nigerian Cities as Supply Pressures Mount
- Depot owners have increased the ex-depot price of petrol, leading to pump prices rising as high as N970 in some cities
- The surge is linked to market instability and aggressive pricing by Dangote Refinery, which has repeatedly lowered its rates
- PETROAN has warned that unrealistic fuel prices and unhealthy competition could harm smaller marketers and lead to consumer exploitation
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology, Banking and the Economy.
Nigerians, already burdened by high petrol prices, may see further increases following a recent surge in the ex-depot price of Premium Motor Spirit (PMS), better known as petrol.
Source: Getty Images
Earlier in the week, depot operators raised prices from N855 to a range between N870 and N888 per litre.
The ex-depot price is the wholesale cost at which fuel is sold by depots to marketers and filling stations, excluding transportation and other retail markups.
Data from petroleumprice.ng, a real-time fuel pricing platform, revealed that A&E depot recorded the highest price at N888 per litre. Sahara followed with N870, while EMADEB, Mainland, AIPEC, and Matrix all priced at N865.
Other depots, such as Menj and ZAMSON, sold at N865 and N863 respectively, with Aiteo slightly lower at N862 per litre.
Even before the Tuesday adjustment, NNPC retail stations had already begun increasing their pump prices. From N865 on Sunday, prices climbed to N890, then to N900 by Monday morning, and reached N915 by Tuesday.
This upward trend is evident at NNPC outlets in Lagos, where prices are now around N915 per litre, The Sun reports.
In Abuja, filling stations are selling at approximately N970 per litre. Similar increases were observed in other cities: Benin City at N950, Ibadan at N925, and Calabar and Uyo at N930 per litre.
Petrol marketers raise concerns over price
The escalating prices come amid concerns raised by Mr. Billy Gillis-Harry, President of the Petroleum Retail Outlets Owners Association of Nigeria (PETROAN).
He cautioned against accepting fuel prices that appear unsustainably low, arguing they don't reflect actual market conditions.
Gillis-Harry expressed concern over the increasing number of marketers setting prices below realistic market levels, attributing the issue partly to the Dangote Refinery’s aggressive pricing strategy.
Over the past two months, Dangote Refinery has reportedly slashed prices over 10 times, prompting fears of monopolistic behaviour and threatening the viability of smaller players in the downstream sector.
He said:
“Those prices you see that are around N815 or N820 per litre don’t reflect market or economic realities. They cannot stand the test of time. The big player in the industry is to be blamed for this unhealthy rivalry/competition in the market."
According to petroleumprice.ng, some major marketers such as Aiteo, Sahara, Menj, Rainoil, First Fortune, Parker, Zamson, TSL, and NIPCO were offering PMS at prices between N815 and N839 per litre.
In contrast, partners aligned with Dangote, including Ardova, MRS, and Heyden, were reportedly selling at higher rates — up to N860 per litre.
Source: Getty Images
Gillis-Harry urged regulators, including the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to investigate and monitor the pricing practices in the sector.
He warned that unchecked anti-competitive behaviour could ultimately harm consumers, leading to issues such as fuel under-dispensing, substandard or contaminated products, and wider market distortions.
NNPC increases petrol price
In related news, Legit.ng earlier reported that the Nigerian National Petroleum Company (NNPC) increased the pump price of petrol on Monday, August 4, 2025.
The new price follows changes announced by petrol importers and the Dangote Refinery amid the global oil price increase.
NNPC Limited retail outlets are now selling higher rate than the rate offered by Dangote refinery partners.
Source: Legit.ng
