Filling stations across Abuja and other parts of Nigeria have increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, following a hike in ex-depot prices by Dangote Refinery and other major petroleum depots.
TJ News Nigeria reports that on Saturday, August 2, 2025, retail outlets such as Empire Energy and Ranoil in the Federal Capital Territory revised their pump prices significantly, compounding the burden on citizens already grappling with inflation and economic strain.
- Empire Energy: Now sells petrol at N935/litre, up from N905/litre on Friday night
- Ranoil: Increased to N970/litre, up from N900/litre
Depot Price Hike Drives Increase
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the upward review in depot prices as the primary reason for the retail hike.
“The supplying depots and Dangote Refinery have increased their ex-depot petrol prices,” Ukadike stated in an exclusive interview.
According to him, as of Friday:
- Dangote Refinery: Ex-depot price rose from N820 to N858/litre
- NIPCO Depot: Selling at N870/litre
- Aiteo and Ranoil: Pegged at N855/litre each
Exchange Rate, Global Oil Prices Cited
The refinery and depot operators reportedly tied the price adjustments to:
- Fluctuations in Nigeria’s exchange rate
- Volatile international crude oil prices
Data from Oilprice.com indicates that global crude benchmarks are on a slight downward trend:
- Brent Crude: $69.67 per barrel
- West Texas Intermediate (WTI): $67.33 per barrel
Despite the drop in crude oil prices globally, the depreciation of the naira against the U.S. dollar appears to be eroding gains that would typically come from such declines.
Rising Public Concern
The increase has sparked concern among residents and transport operators, many of whom are bracing for yet another round of fare hikes and rising commodity costs.
Stakeholders are calling for swift government intervention to stabilize the downstream sector and mitigate the impact on Nigerians already contending with food inflation, unemployment, and weakened purchasing power.
