NNPC Increases Petrol Prices to ₦915 in Lagos, ₦945 in Abuja
The Nigerian National Petroleum Company (NNPC) Limited has raised petrol pump prices to ₦915 per litre in Lagos and ₦945 per litre in Abuja, sparking concerns among motorists and economic stakeholders.
The new prices were confirmed at NNPC retail outlets, including Fin Niger along the Lagos-Badagry Expressway and Kubwa in Abuja, marking a significant jump from previous rates, which ranged from ₦870 to ₦910 per litre.
The price adjustment follows a recent increase in ex-depot prices by the Dangote Petroleum Refinery to ₦880 per litre.
Industry analysts have attributed the latest hike to a combination of rising global crude oil prices, fluctuations in the naira-dollar exchange rate, and increased logistics costs.
Other major marketers have also adjusted their pump prices accordingly. MRS was seen dispensing petrol at ₦925 per litre in Lagos and ₦945 in Abuja. TotalEnergies and Mobil revised their prices to between ₦910 and ₦930 per litre depending on the location.
Stakeholders in the downstream sector have expressed concern over the growing market dominance of Dangote Refinery, warning that it could lead to pricing control and job losses if not properly regulated.
The Major Energy Marketers Association of Nigeria (MEMAN) called for transparency in the emerging distribution structure.
The latest increase is expected to impact transportation fares and the prices of goods and services, compounding inflationary pressures already affecting Nigerian households. With fuel fully deregulated since the removal of subsidies in May 2023, the federal government has maintained a hands-off approach, leaving pricing to market forces.
Dangote Petroleum Refinery recently announced the deployment of over 4,000 compressed natural gas (CNG) trucks to improve distribution across the country. While this move is projected to enhance supply efficiency over time, consumers currently face the immediate burden of higher fuel prices.
Many Nigerians are now calling for the government to fast-track investment in alternative energy sources such as CNG and electric vehicles to reduce dependence on petrol and improve long-term energy stability.
