Nigerians Raise Alarm As Dangote, Aiteo Lead Sharp Ex-Depot Petrol Price Hike
•••Fuel Costs Set To Soar Beyond ₦900/Litre Amid Economic Strain
•By Admin
ABUJA – Nigerians have raised concerns over the significant raising of ex-depot price for Premium Motor Spirit otherwise known as petrol, by major producers, including Dangote, Aiteo, Ever, and Fynefield.
The new price, published Friday on petroleumprice.ng, a platform tracking daily product prices, indicates that Dangote Petroleum Refinery raised the petrol price to N880 per litre, representing a N55 increase from the previous rate of N825 per litre.
Other prices include Aiteo N893 per litre, Ever N920 per litre, and Fynefield N928 per litre, raising fresh fears that a N55 and above per litre, price increase may further push pump prices across the country to between N935 and N955 per litre, up from around N900 previously.
Reacting to the development, Michael Uduegbunam, a motorists lamented that the development is deeply concerning because it will almost certainly push pump prices above N900 per litre, with some filling stations already charging between N935 and N955 per litre.
He lamented that the escalation will directly impact daily spending, as higher fuel costs translate into increased transportation expenses and consequently higher prices for goods and services across the economy
“Given that petrol is essential for commuting, business logistics, and power generation in many households, this price hike will strain household budgets, especially amid existing inflation and currency instability” said Uduegbunam.
Also reacting, Istifanus Ishaku, a civil servant, said with the hike consumers would have to contend with increased economic hardship and may need to cut discretionary spending due to rising living costs the fuel price hike will bring about.
“The development will undoubtedly fuel frustration and raises fears of ongoing price volatility, making it difficult for consumers to plan or manage their expenses” he said.
The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.
The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.
On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.
This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.
Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.
On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.
He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.
“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”
The labour leader criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.
He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.
His forecast of increased costs now appears spot on, considering the latest developments.
Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.
Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.
•INDEPENDENTNG.