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New price takes effect at NNPC stations in Lagos just two days after earlier increase
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Dangote Refinery sets ex-depot price at ₦880 per litre, begins national distribution
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Oil marketers warn of monopoly, job losses, call for clear regulatory guidelines
The Nigerian National Petroleum Company (NNPC) Limited has once again hiked the pump price of petrol, setting a new record of ₦925 per litre at its Lagos retail stations—just two days after an earlier increase to ₦915.
The new price, confirmed by TheCable at several NNPC stations including Fin Niger, LASU-Iba, and Igando, has triggered fresh concerns among Nigerians struggling under the weight of soaring living costs.
Industry insiders link the latest increase to continued instability in the global crude oil market, exacerbated by the ongoing conflict in the Middle East. The price volatility is also pushing downstream actors to recalibrate operations.
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As part of its strategic rollout, Dangote Refinery has set its ex-depot petrol price at ₦880 per litre as of June 21, while preparing to commence nationwide distribution of petroleum products. In a bid to strengthen its logistics, the company has acquired 4,000 compressed natural gas (CNG)-powered tankers, which are expected to serve its growing retail network across Nigeria.
However, the development is drawing sharp reactions from industry stakeholders.
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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warned that Dangote’s aggressive expansion could edge out smaller players and create a de facto monopoly. The group voiced fears of widespread job losses, particularly among independent fuel marketers.
Likewise, the Major Energies Marketers Association of Nigeria (MEMAN) called on the federal government to clarify the regulatory scope of Dangote’s growing control over fuel logistics. MEMAN cautioned that dominance by one player could disrupt market fairness and diminish competition in the sector.
