Petrol prices surge at filling stations amid Dangote-NNPCL crude conflict
Apart from NNPC retail outlets selling petrol at N860 per litre, other filling stations in Lagos have increased the pump price from N860 to N930, making consumers pay at least N70 more than what it used to cost last week.
Investigations revealed that the price increase has also become effective in parts of the country like Abuja and major northern cities with oil outlets now selling a litre of petrol between N950 to N970, depending on the filling stations. This represented a sharp increase of about N70 to N90 from the initial price of N880 last week.
It was observed that in Lagos and Abuja, filling stations like MRS Oil & Gas, Ardova Plc, Heyden, and others with special agreements with the Dangote Petroleum Refinery have adjusted their pumps to the new price.
Petrol stations like Matrix Energy, North-West Petroleum, Total Energies, Mobil, Bovas, Enyo, amongst others also followed suit.
The new price regime followed an announcement by Dangote Refinery temporarily halting the sale of petroleum products in Naira.
“This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars,” the company said in a statement earlier in March 2025.
The $20bn refinery based in Lagos said the sales of its products in Naira have exceeded the value of Naira-denominated crude it has received from the Nigerian National Petroleum Company Limited (NNPCL).
“As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the company explained.
The refinery said it remained committed to serving the Nigerian market and would resume the sale of its product to the local market in Naira as soon as it received crude cargoes from the NNPCL in Naira.
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