OPS and NLC Raise Alarm as Oil Nears ₦1,400, Call for Urgent Action FG – THIS UPDATE

The organized private sector (OPS) and the Nigeria Labor Congress have called for urgent government intervention as petrol prices rise towards ₦1,400 a liter in parts of Nigeria, raising concerns about inflation, job losses and potential business closures.

The latest increase follows subsequent price increases by the Dangote oil refinery, which recently increased its ex-depot price to around ₦1,275 per litre, the fifth increase in March. This has intensified scrutiny of price dynamics in Nigeria’s deregulated downstream oil sector.

After the latest adjustment over the weekend, prices at the pump increased from around ₦1,240 to almost ₦1,400 depending on the location. Northern states are recording higher prices, while consumers in Lagos and Ogun State are paying around ₦1,340 per litre. The increase represents a sharp increase of about ₦500 compared to the average of ₦839 recorded before February 28.

Analysts warn that prices could rise to between ₦1,500 and ₦2,000 per liter if global supply disruptions persist, particularly around the Strait of Hormuz.

The NLC criticized what it described as a “seller’s market,” arguing that dominant operators effectively dictate prices. The union compared the situation to the cement industry, where locally produced goods would be more expensive than in countries such as Ghana and Rwanda.

He also criticized the government for allowing market concentration, pointing out that despite Nigeria’s strong revenue profile in refined oil, citizens see little benefit. The union argued that public refineries could operate efficiently with proper management and called for collective action to challenge monopolistic control in the sector.