Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol to N915 per litre in Lagos and N945 per litre in Abuja.
Gatekeepers News reports that this represents a N45 increase in Lagos and a N35 hike in Abuja from the previous prices of N870 and N910 per litre, respectively.
The price hike was observed at various NNPC filling stations on Monday. At some NNPC retail outlets in Lagos, the price of petrol was sold at N915 per litre, while in Abuja, the product was sold at N945 per litre at the Federal Housing area, Kubwa.
Other retail outlets have also adjusted their prices. MRS filling stations, a Dangote refinery partner, increased the price of petrol to N925 per litre in Lagos, up from N875 per litre. TotalEnergies filling stations raised the price to N910 per litre from N879 per litre, while Oluwafemi Arowolo Petroleum outlet sold petrol at N920 per litre.
The development comes two days after the Dangote refinery increased the ex-depot price of petrol to N880 per litre. The refinery’s decision to expand its distribution network, including the acquisition of 4,000 compressed natural gas-powered tankers, has sparked concerns about potential market dominance.
Industry stakeholders, including the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) and the Major Energies Marketers Association of Nigeria (MEMAN), have expressed worries about the potential impact on the downstream sector and job losses.
