The lingering fuel crisis worsened yesterday as petrol price rose sharply at the pumps.
Motorists at various filling stations voiced anger and frustration over the matter when they discovered the product sold at N1,325 per litre at NNPC outlets.
The hike is in response to the increase in the gantry price of the commodity by the Dangote Refinery from N1,200 to N1,275 per litre, while coastal supply prices raced to N1,215 per litre.
The increase was swiftly reflected at the pumps as early as 7am.
The Dangote refinery, apparently responded to the volatility in the global oil market over the unresolved crisis in the Middle East. The development has further pushed oil prices from $105 per barrel on Monday to $124 as of 8am (WAT) on Thursday but cooled to $114 as of 3.35pm (WAT).
Some of the motorists who spoke to Daily Sun expressed disappointment at the hike, saying the federal government has failed to provide relief for its citizens in the wake of the US-Iran crisis.
They said the cost of energy has created a deep hole in the pockets of the average Nigerian as most of their hard earned resources are dedicated to the purchase of petrol to power vehicles and generators.
Further findings in multiple filling stations within the Lagos metropolis revealed a fragmented pricing model with NNPC retail outlets selling at N1,325 from N1,245 while other major and independent marketers were selling between N1,340 and N1,360 per litre respectively.
Besides, the hike in petrol gantry price, Dangote refinery also increased the ex-depot price of Automotive Gas Oil (diesel) to N1,800 per litre, up from N1,750, while also suspending loading operations at the facility.
According to Petroleumprice.ng, the suspension of loading and the Proforma Invoice (PFI) took effect around midnight on Wednesday, halting diesel allocations to marketers.
Market checks shows major depots closed with higher prices on Wednesday. In Lagos, Swift and Duport sold diesel at N1,980 per litre, while TMDK sold at N1,950 per litre. Depot data for Calabar shows Northwest depot sold at N1,985, while at Warri First Fortune dispensed at N1,950 per litre, and at Port Harcourt Matrix depot dispensed at N2,050 per litre.
The rally is linked to heightened tensions around key global shipping routes, including the Strait of Hormuz, which has tightened supply expectations and pushed global benchmarks higher.
Responding to the latest price hike, the Publicity Secretary of the Crude Oil Refiners Association of Nigeria (CORAN), Mr. Iche Idoko, and the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Mr. Billy Gillis-Harry, in separate interviews with Daily Sun, called on the federal government to urgently roll out measures to ease the burden of rising fuel costs on Nigerians.
They said the spike in petrol prices, worsened by global crude oil trends and supply pressures, has forced households to spend more on transportation and generator use, deepening hardship.
Both industry groups urged the government to introduce targeted transport support and expand social safety nets for vulnerable Nigerians as immediate relief.
They also called for steps to stabilise supply, including improving distribution and boosting local refining capacity to reduce dependence on imports.
Gillis-Harry noted that supply challenges have lingered for months with only marginal improvement, warning that global tensions could further strain the system if not addressed.
On his part, Idoko stressed the need for transparency in the sector and for any gains from reforms to be directed at easing consumer costs.
They maintained that while global factors remain a challenge, prompt domestic action can help cushion the impact on citizens and restore stability to the downstream sector.
Cc:,Sun Nigeria