NNPC hikes petrol price by N182 in Lagos as Dangote refinery loading remains suspended
By Aboki Forex —
The Nigerian National Petroleum Company (NNPC) Limited has increased petrol pump prices at its retail outlets in Lagos and Abuja, with Lagos recording the steeper jump of N182 per litre. The price hike came as petrol loading at Dangote Refinery remained suspended for a fifth consecutive day, leaving marketers scrambling for supply.
New pump prices across Lagos and Abuja
A survey conducted on Tuesday, July 21 confirmed that NNPC outlets in Lagos are now selling petrol at N1,300 per litre, up from N1,118, a jump of N182. In Abuja, the price moved from N1,210 to N1,330 per litre, representing a rise of N120.
The timing of the increase is closely tied to an ongoing supply disruption at Dangote Petroleum Refinery, which has halted petrol loading for five consecutive days. The refinery has not given any indication of when loading will resume or whether it plans to revise its ex-depot price, leaving marketers without clarity on future supply. There are concerns that when the refinery does restart product dispatch, wholesale prices could climb further, pushing pump prices even higher for motorists across the country.
Petrol imports surge 207% as domestic supply drops
The hike also coincides with a sharp rise in petrol imports. Figures from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) show imports leapt from 5.9 million litres per day in May 2026 to 18.1 million litres per day in June 2026, a 207% increase. Over the same period, Dangote Refinery's daily output fell from 41.5 million litres to 32.5 million litres, while total domestic petrol supply contracted by 22%.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has spoken out against the approval of new import licences by the NMDPRA, noting that some importers are already offering petrol to marketers at roughly N1,350 per litre, a rate above what Dangote Refinery charges.
Industry bodies warn of naira pressure and higher costs
The Crude Oil Refinery-Owners Association of Nigeria (CORAN) added its voice to the criticism, warning that a sustained dependence on imported fuel would increase demand for foreign exchange and put downward pressure on the naira, undermining the broader case for investing in domestic refining.
With NNPC's revised prices now in effect, independent marketers are widely expected to follow suit and adjust their own pump prices to reflect current market conditions, meaning most motorists across Nigeria could soon pay more at the pump.
Earlier, Nigeria's midstream and downstream petroleum regulator defended Dangote Refinery's move to price refined petroleum products in US dollars, stating that the Petroleum Industry Act (PIA) explicitly permits operators to recover costs incurred in foreign currency. Senior officials at the regulatory body, who spoke anonymously because they lacked authorisation to comment publicly, said the legal framework grants operators the right to recoup eligible operating expenses and earn reasonable returns on their capital.
For Nigerian consumers and businesses, the combination of higher pump prices and rising import volumes signals continued pressure on household budgets and the naira. With domestic refining still constrained, the country remains exposed to global fuel price volatility and foreign exchange demand that could feed into broader inflation.