FUEL PAIN RETURNS AS PETROL HITS N1,230, NNPC EYES $20BN GAS DEALS AND CHINA REFINERY RESCUE
Nigerians are bracing for another round of fuel pain as petrol prices climb across the country, even as the Nigerian National Petroleum Company Limited, NNPC, announces major gas deals, higher crude output, and fresh moves to revive refineries.
A Streetwise Media survey on Saturday showed pump prices ranging from N1,118 to N1,230 per litre depending on location. At the NNPC retail outlet in Wuse Zone 2, Abuja, petrol sold for N1,118/litre, while TotalEnergies along Kubwa Expressway dispensed at N1,119/litre. Prices hit N1,200/litre at Sunset Energy and some mainland stations.
In Kaduna, the price jumped from N1,200 to N1,230/litre on Friday, though the NNPC Mega Station sold at a relatively lower N1,168/litre. Enugu marketers were dispensing between N1,100 and N1,220/litre. Marketers blame private depot owners who raised loading costs to about N1,200/litre.
IMPORTS SURGE AS LOCAL REFINING DROPS
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority shows a worrying reversal. Nigeria’s daily petrol importation surged 207% in June, rising from 5.9 million litres in May to 18.1 million litres.
At the same time, domestic supply weakened. Daily PMS receipts from domestic refineries fell 21.7%* from 41.5 million litres to 32.5 million litres. Total daily receipts still rose to 50.6 million litres because imports filled the gap, but experts say this is a sharp departure from January when local refineries supplied 61.8% of the market.
NNPC SEEKS CHINA LIFELINE FOR REFINERIES
Amid the supply pressure, NNPC GCEO Bayo Ojulari said the company is in “rigorous evaluation” of a Memorandum of Understanding signed with two Chinese firms for the rehabilitation of Port Harcourt and Warri refineries.
The deal, signed on April 30, 2026 with Sanjiang Chemical and Xingcheng Industrial Park, is being positioned as a performance-based partnership to deliver “profitable and self-sustaining refineries”. The Petroleum Products Retail Outlets Owners Association, PETROAN, has urged NNPC to fast-track the process to boost supply and crash prices.
GAS MILESTONES AND $20BN DEALS
It wasn’t all bad news from NNPC. The company reported crude oil production at 1.71 million barrels per day, the highest in five years, with gas output at 7.5 billion standard cubic feet per day.
NNPC also signed Gas Sale and Purchase Agreements worth over $20 billion to supply 1.29 bscf/d for LNG and 750 mscf/d for domestic industry. The Ajaokuta-Kaduna-Kano Gas Pipeline recorded progress with the completion of the River Niger crossing.
In a major regional move, ECOWAS member states signed an intergovernmental agreement backing the 6,900km Nigeria-Morocco Atlantic Gas Pipeline. The $25 billion project is designed to move 30 billion cubic metres of gas annually from Nigeria through 13 West African countries to Morocco and Europe.
REMITTANCES UP, DANGOTE PRICES IN DOLLARS
NNPC remittances to the federation also jumped 561% to N4.85 trillion in May, up from N726 billion in January, following President Tinubu’s executive order stopping revenue deductions.
Meanwhile, Dangote Refinery has started pricing petrol for the local market in dollars at $0.779 per litre, citing crude supply constraints.
THE BIG PICTURE
For everyday Nigerians, the immediate outlook remains tough. Global crude prices above $90/barrel and rising import dependence are keeping pump prices high despite improved supply logistics. NNPC says the long-term fix lies in reviving the refineries and expanding gas infrastructure like AKK and the Morocco pipeline.
_Streetwise Media will continue to monitor developments in the energy sector and their impact on Nigerian households._
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