Despite the recent drop in global crude oil prices and the steady appreciation of the naira, petrol prices across Nigeria have continued to surge, leaving consumers puzzled and frustrated.
In the past week, pump prices jumped from around ₦865 to nearly ₦1,000 per litre, even though both major pricing factors — crude oil and foreign exchange — have remained stable or improved.
Checks by The Punch revealed that the naira, which traded at about ₦1,700 per dollar in the first quarter of 2025, now exchanges at around ₦1,477. Similarly, Brent crude oil has fallen from over $80 per barrel earlier in the year to around $60, according to data from energy intelligence firm Kpler.
Kpler reported that the drop in oil prices followed market jitters after former U.S. President Donald Trump threatened higher tariffs on Chinese goods. Although he later reversed the statement, the brief uncertainty triggered global market volatility.
Coincidentally, while global prices were falling, depot owners and the Dangote Refinery increased their petrol prices, deepening public confusion.
Depot Prices Jump as Dangote Halts Loading
Findings showed that several depots raised their ex-depot prices from about ₦830 to ₦890 per litre earlier this week.
- Matrix, Fynefield, and Liquid Bulk sold at ₦900
- Northwest at ₦895
- Pinnacle at ₦885
- RainOil and Sigmund at ₦890
- Aiteo at ₦878
- NIPCO at ₦850
This adjustment immediately pushed retail prices higher. Filling stations in Lagos, Ogun, and Abuja now sell between ₦900 and ₦950 per litre, with NNPC retail outlets selling at about ₦928, up by ₦50.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) blamed depot owners for the increase.
“These DAPPMAN depots are currently the only ones selling. Dangote stopped loading petrol for a few days. Once they resume, prices should drop,”
said IPMAN President Abubakar Shettima.
Dangote Refinery Resumes Loading
Officials at Dangote Refinery confirmed to The Punch that petrol loading had resumed as of Wednesday, though the impact is yet to reflect on prices.
“We’re loading petrol and have even reduced diesel from ₦960 to ₦910. Some people are exploiting the situation, but as more products are distributed, prices will normalise,” a refinery source said.
Dangote’s partners, MRS and Heyden, sold petrol at ₦925 and ₦923 per litre, respectively. The refinery reportedly adjusted its gantry price from ₦820 to ₦870.
Sources linked the temporary supply tightness to maintenance work and disruptions following the PENGASSAN strike after some refinery engineers were laid off.
Analysts Fault Market Instability
Energy analysts say the paradox of rising petrol prices amid cheaper crude and a stronger currency underscores the fragility of Nigeria’s downstream sector.
With the three NNPC refineries still inactive, the market remains highly dependent on Dangote’s output and speculative pricing by depot owners.
According to energy analyst Olatide Jeremiah of Petroleumprice.com,
“Unless Dangote resumes full-scale operations, these high pump prices are likely to persist.”
For now, Nigerians continue to bear the brunt of rising fuel costs in a season that, by all economic indicators, should have brought relief.
