Fuel price hike
Nigerian filling stations have increased fuel prices, with Empire Energy and Ranoil filling stations in Abuja adjusting their prices to N935 and N970 per liter, respectively. This increase follows the upward review of ex-depot prices by Dangote Refinery and petroleum products depot owners.
The ex-depot price hike is attributed to the ongoing volatility in foreign exchange rates and rising global crude oil prices. Dangote Refinery’s ex-depot price increased from N820 to N858 per liter, while depot owners like NIPCO, Aiteo, and Ranoil are now selling at N870, N855, and N855, respectively.
The price increase is expected to further strain consumers, potentially affecting transportation costs and prices of goods and services nationwide. This development comes as no surprise, given the recent trends in global crude oil prices and exchange rate fluctuations.
Currently, fuel prices vary across different stations, with Empire Energy selling at N935 per liter and Ranoil at N970 per liter. NNPC is currently selling at N915 per liter, although this price is expected to change soon. MRS Oil Nigeria is selling at N925 per liter in Lagos, with prices varying across regions.
The national average price of petrol has increased significantly, with a 38.32% rise recorded in June 2025. Some states have recorded higher prices than others, further exacerbating the challenges faced by consumers.
As a result of this price hike, consumers can expect increased costs for transportation, goods, and services. The impact of this increase will likely be felt across various sectors, including businesses and households, which may need to adjust their budgets accordingly.
