NNPCL has increased petrol prices to N990 per litre in Abuja and N960 in Lagos, reflecting market dynamics and the deregulation policy. The price hike follows global crude oil fluctuations and the commencement of loading operations at Dangote Refinery, with further increases expected due to rising crude costs.
The Nigerian National Petroleum Company Limited (NNPCL) has raised the price of petrol in Abuja and Lagos, with the cost now set at N990 per litre in the Federal Capital Territory (FCT) and N960 in Lagos. This adjustment, effective Tuesday, reflects the ongoing market trends and the deregulation of the petroleum sector. The price hike follows a rise in petrol prices by other major suppliers, including the Dangote Refinery, which increased its prices due to fluctuations in crude oil costs.
The new prices mark a 2.1% increase from previous levels in Abuja and Lagos. Industry experts predict further increases as the influence of global market dynamics, such as rising crude oil prices, continues to impact fuel prices. The increase in retail pump costs comes on the heels of the commencement of loading operations at the Dangote Refinery, and marketers have already begun adjusting their prices, with some filling stations in Lagos and Abuja selling petrol for as much as N1,030 per litre.
This price adjustment follows the pattern of recent trends, as experts suggest that the deregulation policy and global market forces will continue to drive price fluctuations in Nigeria’s fuel sector.
