Petrol prices across Nigeria have surged to between N1,050 and N1,150 per litre. This increase follows a price adjustment by Dangote Refinery, which raised its rates for bulk purchases from N899 to N955 per litre.
Private depots across the country have also raised their prices, with some locations now charging over N1,000 per litre for Premium Motor Spirit (PMS). Oil marketers explained that the hike is largely driven by rising crude oil prices, which have recently reached $81.84 per barrel, the highest in 2025.
The deregulation of the petroleum sector and increasing logistics costs have contributed to the price surge. Remote areas, especially those far from depots, are seeing the highest price increases, with some regions reporting prices of up to N1,150 per litre.
In Lagos and Calabar, private depots like Sahara and Pinnacle have increased prices to N970 per litre, while Rainoil and Alkanes in Calabar now charge N1,000 per litre. Retail stations are also adding logistics and regulatory charges to the prices, further pushing the pump rates higher for consumers.
Experts predict that prices will continue to rise due to the global increase in crude oil costs, and with deregulation in place, fluctuations driven by supply and demand dynamics are expected. This trend is anticipated to significantly affect consumers and businesses across the country.
