Nigerians were hit by a fresh petrol price shock on Wednesday as the Nigerian National Petroleum Company Limited (NNPCL) and other filling stations adjusted pump prices upward twice within 24 hours, triggering widespread concern over rising living costs.
The latest hike saw petrol selling at about ₦835 per litre in Lagos and ₦839 per litre in Abuja at NNPCL retail outlets, according to industry checks.
The development marks yet another upward adjustment in Nigeria’s deregulated downstream oil sector, where prices are increasingly driven by market forces, exchange rate volatility, and rising supply costs.
Industry sources linked the sudden price shifts to recent adjustments in ex-gantry prices by the Dangote Refinery and broader market dynamics affecting fuel supply and distribution.
Experts warn that the repeated hikes could trigger a ripple effect across the economy, pushing up transport fares, food prices and other essential costs for households already under pressure.
Analysts say the volatility reflects the new reality of Nigeria’s post-subsidy fuel market, where competition and global crude oil trends now play a decisive role in pump prices.
