Economy
Petrol Prices Soar Again
Petrol prices soar again in Lagos and Abuja as NNPC raises rates. Dangote’s refinery hike sparks wider inflation fears across Nigeria
Petrol prices soar again as the Nigerian National Petroleum Company Limited increases pump prices at its retail outlets in Lagos and Abuja, deepening concerns over affordability and economic stability.
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On Monday, filling stations owned by NNPC in the Federal Capital Territory displayed a revised pump price of N945 per litre. In Lagos, the price rose to N915 per litre.
This upward revision reflects a fresh spike of N35 in Abuja and N45 in Lagos, compared to the previous figures of N910 and N870 per litre respectively.
The development follows last week’s decision by the Dangote Petroleum Refinery to increase its ex-depot price from N825 to N880 per litre. The move triggered widespread adjustments across the downstream market.
Our correspondent observed that several NNPC stations, including those in Kubwa and along Obasanjo Way in Abuja, had implemented the new pricing. In Lagos, stations in Igando and along the Badagry Expressway mirrored the updated figures. The increase was not restricted to government-owned outlets.
Private marketers, including MRS, TotalEnergies, and Oluwafemi Arowolo Petroleum, have all adjusted their pump prices upwards.
Rates now range between N910 and N925 per litre. Major depot hubs such as Wosbab, Pinnacle, and NIPCO have pegged their ex-depot prices around N920 to N925.
A key factor driving the surge is the rising global crude oil price.
We can only hope Dangote maintains its current price, or petrol may cross the N1,000 mark.
The ongoing conflict between the United States and Iran has disrupted market expectations, with many analysts warning that the $80 per barrel threshold may soon be breached.
The recent weekend airstrikes on Iranian nuclear sites by US and Israeli forces have added to fears of a prolonged crisis.
Independent marketers have cautioned that Nigerians could see petrol prices exceed N1,000 per litre unless immediate interventions are made. The naira’s instability and increased upstream costs are expected to aggravate the situation.
Olatide Jeremiah, CEO of PetroleumPrice.ng, warned, “Private depots are likely to increase petrol price to N1,000 in the coming days with the current trend observed in the market. If by tomorrow morning, crude price increases to $80 or exceeds that threshold, Nigerians would pay N1,000 at depots.”
He explained that the last surge in prices occurred because Dangote temporarily halted sales.
However, the refinery has resumed operations, offering petrol at N880 for volumes of two million litres.
According to Jeremiah, Dangote remains a stabilising force in the current pricing landscape.
Experts believe the consistent hikes in pump prices could further fuel inflation, burdening commuters, businesses, and households.
As the market remains deregulated but unstable, concerns mount over the ability of authorities to manage the ripple effects on the wider economy.
Also read: Inflation: Real reason Indomie reduced Prices of Popular Staple Food item Revealed
With no immediate relief in sight and international tensions intensifying, Nigerians brace for what may become the most expensive fuel era in the nation’s history.
Cash outside Nigerian banks rose to N4.92tn in September 2026 as Nigeria’s broad money supply increased to N146.6tn, CBN data show
Cash outside Nigerian banks rose to N4.92tn in September 2026, an increase of N48.73bn from the N4.87tn recorded in August, according to monetary data published by the Central Bank of Nigeria.
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The latest figures also showed an expansion in Nigeria’s broad money supply, which increased to N146.6tn in September from N139.09tn in the previous month.
The growth represents an increase of N7.51tn within one month, reflecting a broader expansion in the amount of money circulating across the economy.
The CBN data further showed that narrow money, which consists of currency in circulation and highly liquid deposits, rose to N44.05tn in September from N43.11tn in August.
Cash held outside banks refers to physical currency kept by individuals and businesses rather than within the banking system.
Broad money, by contrast, covers a wider range of monetary assets, including cash, demand deposits, savings and time deposits, as well as foreign currency deposits.
Nigeria’s broad money supply increased by 18.3 per cent between January and September, rising from N123.95tn to N146.6tn, the data indicated.
The latest increase followed the CBN’s decision in September to reduce its benchmark interest rate by 350 basis points, bringing it down from 26.5 per cent to 23 per cent.
The reduction was reported as the largest cut in the benchmark rate since December 2006.
Despite the rate cut, the Monetary Policy Committee retained the Cash Reserve Requirement for commercial banks at 45 per cent and merchant banks at 16 per cent.
The committee also maintained the 75 per cent reserve requirement on non-Treasury Single Account public-sector deposits.
The Cash Reserve Requirement determines the proportion of eligible deposits that banks must hold as reserves with the central bank.
It is one of the monetary policy tools used to influence banking-sector liquidity and credit conditions.
The rise in cash outside Nigerian banks formed part of the broader increase in money supply.
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However, the figures alone do not establish why households and businesses held more physical cash or how much of the increase was driven by spending, savings behaviour or other economic factors.
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