Amanze Chinonye
The Nigerian National Petroleum Company Limited (NNPCL) has raised petrol prices at its retail outlets in Lagos and Abuja, citing market forces as the main driver behind the adjustments.
Motorists in Lagos now pay ₦835 per litre, up ₦50 from ₦785, while in Abuja, the new price of ₦839 per litre reflects a ₦20 increase from ₦815. Observers confirmed the adjustment was implemented across NNPCL retail stations in both cities on Wednesday.
The price hike follows a recent Dangote Refinery ex-gantry price increase to ₦799 per litre, which led partner outlets, including MRS stations, to raise their retail prices to ₦839 per litre from ₦739.
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David Bird, CEO of Dangote Petroleum Refinery, emphasized that the facility continues to supply about 50 million litres of petrol daily, with nationwide evacuation and distribution running smoothly. He added that the refinery’s flexibility ensures uninterrupted supply even during planned maintenance activities.
Regulators also highlighted the role of market competition in the new pricing structure. Saidu Mohammed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said sustained competition, rather than subsidies, is now critical to guaranteeing adequate supply and affordability of petrol, diesel, and liquefied petroleum gas (LPG) nationwide.
“Sustained competition, rather than subsidies, will guarantee adequate supply of petrol and gas at affordable prices for Nigerians,” Mohammed said, explaining that the removal of the petrol subsidy has enabled market forces to operate effectively, improving efficiency across the downstream sector and supporting price stability.
Industry analysts warn that rising fuel prices could affect transportation and the general cost of living. Both refiners and regulators, however, insist that market-driven mechanisms and enhanced competition are key to stabilizing Nigeria’s downstream petroleum market in the long term.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
