By John Umeh
Outlines
Key Highlights
1. NNPCL Raises Prices
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As of Monday, June 23, 2025, Nigeria National Petroleum Company Limited (NNPCL) increased its pump price:
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Abuja (FCT): from ₦910 to ₦945/litre (+₦35)
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Lagos: from ₦870 to ₦915/litre (+₦45)
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2. Independent Marketers Ramp Up
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In Abuja, independent stations surged the price further to ₦955/litre, marking a ₦60 increment over ₦895
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In Lagos, prices now range ₦915–₦950, depending on station
3. Background Drivers
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The spike follows the Dangote Refinery pushing its ex-depot price from ₦825 to ₦880/litre
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Marketers cite market deregulation, crude price increases, exchange rate pressures, and operational costs as main factors
4. Consumer & Industry Reactions
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IPMAN advises that in a deregulated market, prices will fluctuate with global trends
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Many consumers are feeling the strain, noting fuel hikes widen to inflation and transport costs
5. Outlook
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Analysts warn if Brent crude surpasses $80/barrel, retail flat prices may soon cross ₦1,000/litre
Why It Matters
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Cost of living & transportation: A surge to ₦955/litre directly impacts household budgets, public transit fares, and goods pricing.
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Inflation ripple effect: Rising pump prices stoke broader inflation across food, logistics, and services.
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Deregulation in action: Nigeria’s post-subsidy fuel market now exposes consumers to global oil and forex shocks.
Final Take on this.
With NNPCL now at ₦915–₦945/litre, independents reaching ₦955, and Dangote’s ex-depot jump to ₦880, fuel prices have hit a new high. Unless global crude and forex pressures ease, consumers should prime for continued volatility—possible hits to ₦1,000 soon.
