Petrol prices are coming under renewed pressure across Nigeria as depot prices continue to rise, increasing concerns among motorists, transport operators and businesses already struggling with the high cost of living.
According to a report published by Vanguard on October 10, petrol depot prices increased in Lagos, Port Harcourt, Warri and Calabar, with some depots in Port Harcourt raising their prices to ₦1,900 per litre. The increases came amid rising international crude oil prices, adding further uncertainty to the domestic fuel market.
The development comes at a time when the Federal Government and the Nigerian National Petroleum Company Limited (NNPC) are attempting to reduce the burden of rising fuel costs on Nigerians through a temporary petrol discount.
Petrol prices vary by location
Vanguard reported the following pump prices in Lagos and surrounding areas on October 10:
NNPC: ₦1,360 per litre
MRS Oil: ₦1,338 per litre
11 Plc: ₦1,338.80 per litre
Independent marketers: between ₦1,368 and ₦1,400 per litre.
The figures show that petrol prices are not uniform across the country, as different marketers adjust their prices according to supply costs and market conditions.
NNPC extends ₦66 discount
In a separate development, NNPC has extended its ₦66-per-litre petrol discount until October 31, 2026, at its retail stations nationwide. However, a report by Punch on October 10 found that customers at some Abuja stations had to use the NNPC mobile application and pay digitally to receive the reduction.
The arrangement means motorists should confirm the applicable price and payment requirements at their preferred station before buying fuel. The company has also clarified that the discount does not amount to a return of the former nationwide petrol subsidy.
Impact on Nigerians
The continued rise in fuel costs could place additional pressure on transport fares, food distribution, delivery services and the operating expenses of small businesses. Commercial drivers may face higher daily expenses, while passengers could experience further increases in transportation costs if operators pass the additional costs on to customers.
For households that depend on petrol-powered generators, higher prices could also make electricity and other essential household expenses more difficult to manage.
With depot prices rising in several locations, motorists will be watching closely to see whether the increases lead to further adjustments at filling stations in the coming days.
