Petrol Pump on Upswing, Heads to 1000 Per Litre as Crude For Naira Deal no Longer in Force

Pump price of petroleum products have witnessed an increase from N930 and N970 per litre in some parts of Lagos and its outskirts, according to reports we monitored.

This represents a significant increase from the former price of N865 per litre, which was the prevailing rate until Saturday evening.

As of yesterday, attendants at some filling stations in Lagos confirmed that they had received instructions to increase the price of petrol, effective immediately. The new prices were implemented on Saturday evening, with some stations selling petrol at N930 per litre, while others were selling at prices ranging from N935 to N970 per litre.

Investigations confirmed that an AP filling station on Admiralty Road in Lekki Phase 1 was selling petrol at N930 per litre, while other retail outlets in Lagos were selling at between N930 and N935 per litre. Similarly, retail stations in Abuja and Magboro in Ogun state were selling petrol at prices ranging from N960 to N970 per litre.

The price increase is believed to be connected to the recent revelations by oil marketers that the landing cost of imported petrol has increased by N88 per litre in one week. This increase in landing cost, coupled with reports of an increase in the importation of the commodity, may have contributed to the decision to raise the pump price of petrol.

This is the first petrol price increase since the beginning of 2025, marking a departure from the several price reductions that occurred earlier in the year. The price war between the Nigerian National Petroleum Company (NNPC) Limited and Dangote Refinery had led to a series of price reductions, but it appears that the tide has turned, with petrol prices now on the rise.

The news of the petrol price increase has sent shockwaves across the country, with many Nigerians taking to social media to express their outrage and disappointment. The increase in petrol price is expected to have a ripple effect on the economy, with many predicting that it will lead to higher transportation costs, increased food prices, and a general rise in the cost of living.

As the situation continues to unfold, the Nigerian National Petroleum Company (NNPC) Limited has issued a statement explaining the reasons behind the petrol price increase. According to the NNPC, the increase in landing cost of imported petrol, coupled with the rise in global oil prices, has made it necessary to adjust the pump price of petrol.

The NNPC has assured Nigerians that it is working to ensure that the price of petrol remains stable and affordable, but it has also warned that the company cannot continue to subsidize the price of petrol indefinitely. The NNPC has called on the government to provide a sustainable solution to the petrol price crisis, including the implementation of a pricing framework that reflects the true cost of petrol.

As the debate over the petrol price increase continues, one thing is clear: Nigerians are bracing themselves for the impact of the price increase on their daily lives. With the economy already facing significant challenges, the increase in petrol price is likely to have far-reaching consequences for the country. Stay tuned for further updates on this developing story.