Nigerians face imminent fuel price increases following the expiration of the Crude for Naira agreement between NNPC Limited and Dangote Refinery, coupled with rising global crude oil prices. The six-month deal, which ended in March, had helped stabilize petrol prices, reducing them from over N1,000 per litre to around N820. However, with its expiration, Dangote Refinery has halted domestic petrol sales in Naira, causing concerns over further price hikes.
As of March 28, 2025, petrol prices have surged, with Lagos recording N930 per litre, while northern states like Kano and Borno now pay up to N960 per litre. Private depots have raised prices to N900 per litre, citing rising crude oil costs, which jumped from $70 to $75 per barrel. The impact is being felt nationwide, with pump prices expected to rise further.
Oil marketers warn that without a resolution, petrol may soon be sold in dollars, exacerbating inflation and economic instability. Transportation costs and commodity prices are also expected to increase, worsening the cost of living for Nigerians. Stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Center for the Promotion of Private Enterprise (CPPE), urge the government to revive the Crude for Naira agreement to stabilize the energy sector and prevent further economic strain.
