The price of petrol has risen to N1330 per litre in Abuja, according to reports from filling stations in the Nigerian capital.
Checks by our correspondent on Wednesday showed that several outlets operated by major marketers have adjusted their pumps to the new rate. The increase represents a significant jump from the previous price range of N1200 to N1250 per litre observed in the city last week.
Independent marketers in the Kubwa and Wuse districts confirmed the adjustment, attributing the change to higher procurement costs from private depots. One operator, who spoke on condition of anonymity, said they had no choice but to pass on the increased cost to consumers.
The development comes amid ongoing volatility in the downstream oil sector. The Nigerian National Petroleum Company Limited (NNPCL) remains the major importer of petrol into the country, but private marketers have increasingly sourced products from third-party suppliers.
Data from the Major Energies Marketers Association of Nigeria (MEMAN) indicates a slight uptick in global crude oil prices in recent weeks. Nigeria relies heavily on imported refined petroleum products, making the domestic market sensitive to international price movements and foreign exchange rates.
The landing cost of petrol, which includes the product price, shipping, and insurance, has been a key factor in the recent price trends. Industry sources suggest that the naira’s performance against the US dollar continues to exert pressure on the final pump price.
Transport operators in Abuja expressed concern over the new price. A driver at the Karu motor park told our reporter that the increase would likely lead to a rise in transport fares for commuters. He said the cost of running his vehicle has become unsustainable.
Commuters at various bus stops in the city center voiced frustration over the constant hikes. Many said their household budgets are being stretched by the rising cost of fuel and its impact on the price of food and other goods.
The last official adjustment of pump prices by the NNPCL occurred several weeks ago, but prices at private filling stations have fluctuated since then. In some states across the country, retail prices already exceed the Abuja rate, depending on logistics and supply costs.
The federal government has previously stated that it has fully deregulated the downstream sector. This policy means that market forces, rather than the government, determine the price of petrol, allowing prices to reflect the true cost of supply.
Economic analysts have noted that full deregulation exposes consumers to global oil price shocks. They point out that until local refining capacity improves, Nigerians will remain vulnerable to these market realities.
The NNPCL has yet to issue an official statement regarding the latest price movement in Abuja. Calls to the company’s spokesperson were not answered as of press time.
Residents in satellite towns around the capital reported that prices in their areas range between N1320 and N1350 per litre. Long queues were not observed at most filling stations on Wednesday, suggesting supply is available at the new rate.
The price of petrol in Nigeria has seen multiple adjustments since the middle of 2023, following changes to the government's subsidy policy. Before the current administration, the country maintained a fixed retail price for the product for many years.