NNPC Petrol Price Increase: Lagos Rises to N835, Abuja to N839 Amid Market Forces
The Nigerian National Petroleum Company (NNPC) Limited has increased petrol prices, with Lagos motorists now paying N835 per litre and Abuja consumers N839 per litre. This marks a notable jump from previous rates of N785 and N815, respectively, reflecting adjustments across the company’s retail outlets nationwide. The price hike comes amid rising operational costs and market-driven factors shaping the downstream petroleum sector.
The new NNPC rates follow a recent increase by Dangote Refinery, which raised the ex-gantry petrol price to N799 per litre. Partner outlets, including MRS filling stations, will sell the product at N839 per litre, up from N739. David Bird, CEO of Dangote Petroleum Refinery, reassured Nigerians that the facility continues to supply about 50 million litres of petrol daily, maintaining a seamless nationwide distribution despite ongoing maintenance schedules.
Bird highlighted the refinery’s ability to process a variety of crude and intermediate feedstocks, ensuring an uninterrupted petrol supply. “Our operational flexibility allows us to maintain consistent PMS availability, even during planned maintenance activities,” he said, emphasising the refinery’s commitment to meeting domestic fuel demand. This assurance comes as Nigerians brace for higher fuel costs in key cities.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) explained that market forces, rather than government subsidies, are now driving fuel prices. CEO Saidu Mohammed noted on January 28 that sustained competition ensures adequate supply and affordability of petrol, diesel, and LPG nationwide. He added that subsidy removal has enhanced efficiency across the sector, allowing prices to reflect real market conditions.
As petrol prices rise in Lagos, Abuja, and other major cities, both refiners and regulators stress that market-driven mechanisms and competition are central to price stability. While motorists face higher costs at the pump, officials say these adjustments are necessary to maintain steady supply, improve sector efficiency, and ensure that Nigeria’s downstream petroleum market operates sustainably in the long term.
source: arise