The Nigerian National Petroleum Company (NNPC) Limited has once again increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, raising it to ₦925 per litre at its retail stations in Lagos. This marks the second upward adjustment in less than a week, sparking renewed concern among consumers already struggling with the rising cost of living.
The latest increase, confirmed at NNPC stations in areas such as Fin Niger, LASU-Iba, and Igando, follows a previous hike to ₦915 per litre just two days ago. Industry sources attribute the continuous price adjustments to volatility in the global crude oil market, driven largely by the ongoing conflict in the Middle East and fluctuating exchange rates.
In a related development, the Dangote Refinery recently set its ex-depot petrol price at ₦880 per litre, effective from June 21. The refinery, which has pledged to begin nationwide distribution of petroleum products, also announced the acquisition of 4,000 compressed natural gas (CNG)-powered tankers to strengthen its logistics and supply chain network across Nigeria.
While the refinery’s expansion is viewed by some as a potential game-changer in the downstream sector, it has also raised concerns within the industry. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warned that Dangote’s aggressive market entry could lead to monopolistic practices under the guise of efficiency, potentially squeezing out smaller retailers and leading to job losses.
Similarly, the Major Energies Marketers Association of Nigeria (MEMAN) has called on the federal government to clarify the extent of Dangote’s involvement in logistics and distribution. The group expressed fears that unchecked dominance could distort the competitive landscape and undermine market fairness.
The recurring fuel price hikes are expected to place additional pressure on households and businesses, with transportation costs and commodity prices likely to surge further. Economists have urged the government to implement urgent policy interventions to mitigate the impact on Nigerians.
As the energy landscape continues to evolve, both consumers and industry players await clear regulatory guidance to ensure equitable participation and price stability in the downstream sector.
