The Nigerian National Petroleum Company (NNPC) Limited has reviewed the pump price of petrol upward, setting the new rate at N835 per litre in Lagos and N839 per litre in Abuja.
Checks across filling stations on Wednesday by the New Daily Prime showed that the NNPC implemented the new pricing at its retail outlets in the cities.
The adjustment represents an increase of N50 from the previous N785 per litre and N20 from N815 per litre in Lagos and Abuja, respectively.
The price hike follows a recent move by the Dangote Refinery, which raised its ex-gantry petrol price to N799 per litre. The refinery also announced that MRS filling stations would sell petrol at N839 per litre, up from the earlier N739 per litre.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had earlier projected that fuel and gas prices could decline over time if competition in the market is sustained.
According to Saidu Mohammed, the agency’s chief executive officer, Nigerians are gradually moving toward cheaper energy options due to improved supply conditions that support price stability.
“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 petrol subsidies has allowed market forces to function more effectively, improving efficiency in the downstream petroleum sector.
