The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of petrol to N925 per litre in Lagos.
The latest increase comes two days after the national oil firm upwardly reviewed the commodity’s price to N915.
In Lagos, TheCable observed that the price of the product was increased to N925 per litre at the NNPC retail outlets at the Fin Niger, LASU Iba, and Igando areas of the state.
Big industry players have recently adjusted prices as the uncertainty in global crude market — stoked by the war in the Middle East — worsens.
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On June 21, the Dangote refinery increased the ex-depot price of petrol to N880 per litre.
Prior to this, the refinery announced plans for a nationwide distribution of petroleum products.
The refinery said it also acquired 4,000 new compressed natural gas (CNG)-powered tankers to enhance its fuel distribution capacity across the country.
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Reacting to the move, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said the refinery’s forward integration adoption could lead to a monopoly in disguise and might cause significant job losses in the downstream sector.
On June 19, the Major Energies Marketers Association of Nigeria (MEMAN) also called for clarity on Dangote refinery’s proposal for nationwide logistics for petrol and diesel distribution.
Analysts have said the refinery’s decision could be a game-changer with potential benefits for end users, though it might pose challenges for the downstream sector.
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