Fuel prices across the country have seen a significant upward adjustment this morning, driven by global crude oil volatility and regional supply logistics.
As of today, the average pump price for Premium Motor Spirit (PMS) ranges between ₦1,220 and ₦1,380 per litre, with some northern remote areas seeing prices as high as ₦1,400.
City-by-City Price Outlook
Prices remain uneven across Nigeria due to transportation costs and proximity to major supply hubs like the Dangote Refinery and sea ports.
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Lagos State: ₦1,220 – ₦1,300 per litre (Lowest average due to proximity to supply).
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Abuja (FCT): ₦1,300 – ₦1,370 per litre.
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Port Harcourt: ₦1,230 – ₦1,310 per litre.
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Ibadan: ₦1,240 – ₦1,320 per litre.
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Kano: ₦1,340 – ₦1,380 per litre.
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Northern Remote Areas: ₦1,400 and above.
Major Marketers vs. Independent Marketers
Pricing varies significantly depending on the filling station you visit.
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NNPC Retail Stations: Generally maintain the most stable rates, currently between ₦937 and ₦1,100 depending on the region, though queues remain common.
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Major Marketers (Total, Mobil, Conoil): Averaging ₦1,210 – ₦1,250 per litre.
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Independent Marketers: Prices fluctuate more frequently, often ranging from ₦1,275 to ₦1,350 per litre.
Expert Analysis
Financial experts at institutions like JPMorgan have warned that if global tensions persist and the Strait of Hormuz remains a chokepoint, Brent crude could hit $120 per barrel, which would lead to even higher pump prices in Nigeria.
“Fuel pricing in Nigeria is now closely tied to global crude oil movements. As oil prices trend upward, landing costs for petrol increase, creating immediate pressure on local pump prices.”
Important Tips for Consumers
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Check Major Stations First: Stations like NNPC and major brands usually have the most regulated pricing compared to smaller independent outlets.
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Avoid Panic Buying: While prices are high, supply is currently being managed by the NNPC and Dangote Refinery to prevent widespread scarcity.
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Monitor Official Channels: Always verify price claims, as some stations may attempt to exploit the situation by overcharging beyond the current market average.
