
The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of petrol at its retail outlets. In Abuja, the price has been raised from ₦965 to ₦990 per litre, while in Lagos, it increased from ₦925 to ₦960 per litre, effective Tuesday.
This price adjustment reflects a 2.1% increase, or ₦20, compared to the ₦970 price set by Dangote Refinery in collaboration with MRS filling stations, Ardova, and Heyden.
The change aligns with the deregulation policy in Nigeria’s petroleum sector, allowing for price fluctuations based on market supply and demand. The increase follows the commencement of loading operations at the Dangote Refinery, which is expected to impact the country’s fuel supply chain.
Earlier last week, petrol prices spiked to between ₦1,050 and ₦1,150 per litre after a price hike by the Dangote Petroleum Refinery and depot owners. The $20bn Dangote refinery raised its price from ₦899 to ₦955 per litre at the loading gantry.
At NNPCL stations in Abuja, one at Airport Junction sold at ₦990 per litre, up from ₦965, while others, like in Mabuchi, were still selling at ₦965. Some independent stations raised prices to as high as ₦1,030 per litre. Stations along Airport Road and Nyanya were selling between ₦990 and ₦1,030.
Experts predict further price adjustments as global crude oil prices continue to rise. A source at the private depot confirmed that loading activities fully began on Monday, with marketers raising depot prices to between ₦965 and ₦975 per litre.
Oil expert Olatide Jeremiah noted that the price hikes are driven by market forces and are a direct result of the sector’s deregulation, which aims to prevent fuel shortages and stabilize prices. He also indicated that the price rise is temporary, linked to the effects of former U.S. President Biden’s sanctions on Russian oil, while Brent crude prices fluctuated between $79 and $80 per barrel.
