Nigerians may soon face another hike in petrol pump prices as private oil depots raised the ex-depot price of Premium Motor Spirit (PMS) to N900 per litre, up from over N890 per litre over the weekend.
The increase, driven by rising crude oil prices and global market factors, has already been implemented by major depot operators, including Rainoil, Prudent, A.Y.M. Shafa, and Mainland, Vanguard investigations revealed.
With crude oil prices climbing from $70 to $75 per barrel, refiners, including the $20 billion Dangote Refinery, have faced higher production costs. This has contributed to the price surge, as the refinery continues to source a significant portion of its crude oil in dollars rather than through the government’s Naira for Crude policy.
Oil marketers have warned that the latest hike in depot prices will likely lead to an upward adjustment of pump prices at filling stations across the country. Reports indicate that independent retail outlets are already selling petrol between N930 and N950 per litre in some locations.
Petroleumprice.ng, an industry monitoring platform, linked the price surge to the challenges oil marketers face in sourcing fuel supplies in dollars. It also noted that the federal government’s inability to fully implement the Naira for Crude policy could sustain the rising fuel prices.
The Major Energies Association of Nigeria (MEMAN) confirmed the rising cost of fuel imports, stating that the landing cost of imported petrol increased by N88 per litre within a week, jumping from N797 per litre to N885 per litre as of March 26, 2025.
In a recent communique, MEMAN acknowledged the instability in the market and urged the government to ensure proper regulation to achieve a fully deregulated petroleum sector.
“As the market stabilizes, challenges will arise, and resistance from those accustomed to price control is inevitable. But with robust regulation, industry collaboration, and public transparency, Nigeria can fully realize the benefits of this transformation,” MEMAN stated.
The association emphasized that a well-functioning, deregulated market would attract more investment, improve efficiency, and create a competitive landscape beneficial to both businesses and consumers.
With the current trajectory, Nigerians may have to brace for higher fuel prices in the coming weeks, adding to the economic strain caused by inflation and rising living costs.
