The Nigerian National Petroleum Company Limited (NNPCL) has reversed its recent petrol pump price hike, less than 48 hours after announcing steep increases in Lagos and Abuja. The new official pump price now stands at ₦875 per litre, with the order price for distinguished dealers at ₦854, following a sharp drop in global oil prices.
This reversal comes after widespread consumer backlash and growing pressure from stakeholders who criticised the sudden jump from ₦865 to ₦915 in Lagos and ₦955 in Abuja, which took effect on August 3, 2025.
Brent Crude Falls to $67.69, Triggers Price Review
As of Tuesday morning, Brent crude prices plunged to $67.69 per barrel, down 1.56% from the previous day. The dip caused by global oversupply and weaker demand projections prompted NNPCL to reassess its pricing framework.
Industry analysts say this reversal is a direct reaction to international oil price movements, reinforcing the impact of market forces on Nigeria’s deregulated downstream sector.
“This reversal shows responsiveness,” said Dr. Chijioke Eke, energy economist. “But unless forex and logistics costs ease, the relief may be short-lived.”
Price Hike Sparked Public Outcry
The now reversed increase was confirmed by Petroleumprice.ng reporters through a message sent to dealers stating thus “Distinguished dealers. Find below new PMS Price with immediate effect. Order price: 854, pump price: 875 Thank you.
Consumers and transport operators lamented the sudden cost burden, which came without official explanation or advance notice.
Depot Price Surge and New Call-Up Fee Drove Initial Increase
The earlier hike had followed a depot price jump from ₦820 to ₦858 per litre, led by Dangote Refinery marketers. Additionally, the ₦10,000 electronic call-up fee imposed by the Lagos State Government on trucks entering depots raised logistics costs across the supply chain.
Marketers responded by passing the burden to consumers, citing the absence of a regulated pricing ceiling under the current deregulated environment.
Current Prices Ease, but Market Volatility Remains
With the rollback to ₦875 per litre, NNPCL hopes to stabilise supply and dampen speculation. However, experts caution that prices will remain volatile unless domestic refining capacity especially at the Dangote Refinery comes online fully.
Meanwhile, stakeholders are calling for transparent and predictable price-setting to prevent shocks in the future.
“₦875 is still high,” said Tunde Adebayo, a commercial driver in Abuja. “But at least it’s not ₦955. We just want stability.”
Relief for Now, Reform Still Needed
NNPCL’s decision to reverse the hike within 48 hours underscores the delicate balance between market-driven pricing and consumer affordability. While the move aligns with falling global crude prices, analysts say sustained relief will only come through refinery self-sufficiency, forex stability, and infrastructure reform.
Until then, Nigerians remain vulnerable to the ripple effects of global oil shocks no matter how temporary the relief may be.