NNPC hikes petrol prices nationwide; Abuja N25, Lagos N35

NNPC retail outlets in Lagos and Abuja has increased the pump prices of petrol by N35/litre in Lagos and N25/litre in Abuja citing rising global oil prices and deregulation.

While the price per litre in Abuja rose from N965 to N990, it increased from N925 to N960 per litre in Lagos.

The price increase is a reaction to the rise in the international price of oil, which has recently peaked $80 per barrel, especially Brent, Nigeria’s benchmark. It is also coming against the backdrop of the deregulation of the downstream oil sector by President Bola Tinubu.

Recall the national oil company had earlier on January 23 reduced the retail price of petrol at its outlets to N925 per litre in Lagos and N965 per litre in Abuja from N1,025 per litre and N1,040 in Abuja respectively.

Last week, the Dangote refinery had hiked its ex-depot price for petrol from its facility from N899/litre to N955/litre, with a plan to sell for N970 per litre at the retail pumps.

The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, had last week said that deregulation has fully set in the sector as global oil price will now determine how much the price of fuel will be sold. This means that prices of products will henceforth fluctuate, the same way it is globally.

From the NNPC filling stations around Berger, Zones 1 and 3 and Nyanya, the story was the same, as the facilities had adjusted their pumps accordingly. However, private retail stations like Shema, Bovas, AYM Shafa, and Zamson Oil along the Abuja-Keffi Road were selling for between N1,000 and N1,030 per litre.