The Nigerian National Petroleum Company (NNPC) Limited has reviewed the pump price of petrol upward, with the product now selling at N835 per litre in Lagos and N839 per litre in Abuja.
Checks on Wednesday showed that the adjustment has taken effect across NNPC retail stations in both cities. The new pricing reflects an increase of N50 per litre from the previous N785 in Lagos, while Abuja recorded a N20 rise from N815 per litre.
The latest hike follows a recent adjustment by the Dangote Refinery, which raised the ex-gantry price of petrol to N799 per litre. The refinery also announced that MRS filling stations would now dispense the product at N839 per litre, up from the earlier N739.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had earlier expressed optimism about fuel pricing trends. On January 28, the regulator stated that continued competition in the sector would drive down the prices of petrol, diesel, and liquefied petroleum gas (LPG) nationwide.
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Speaking on the issue, NMDPRA Chief Executive Officer, Saidu Mohammed, said improved supply conditions are gradually making energy more affordable for Nigerians.
“Sustained competition, rather than subsidies, will guarantee adequate supply of petrol and gas at affordable prices for Nigerians,” he said.
Mohammed added that the removal of fuel subsidy has allowed market dynamics to function properly, leading to increased efficiency across the downstream petroleum sector.