NNPC increases petrol price to N915/litre in Lagos, N945/litre in Abuja

The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of petrol to N915 per litre in Lagos and N945 per litre in Abuja.

The current price represents a N45 increase from the previous price of N870 per litre in Lagos and N35 hike from the prior price of N910 in Abuja.

TheCable observed on Monday that the price of the product increased to N915 at some NNPC filling stations in Lagos.

At the NNPC retail outlet at Fin Niger, Badagry Expressway, the price of the product increased to N915.

Similarly, at the NNPC filling station at Igando, the price of the product was sold at N915 a litre.

In Abuja, the product was sold at N945 per litre at the Federal Housing area, Kubwa — up from the previous price of N910 per litre.

‘MARKETERS ELEVATE PETROL PRICE’

Some other retail outlets also raised the price of petrol in Lagos.

MRS filling stations, a Dangote refinery partner, increased the price of the product to N925 per litre in Lagos — from N875 per litre.

The development comes two days after the refinery increased the ex-depot price of petrol to N880 per litre.

TotalEnergies filling stations increased the price of petrol to N910 per litre – from the previous price of N879 per litre.

At Oluwafemi Arowolo Petroleum outlet at Iba, the price of the product rose to N920 per litre.

On June 15, the Dangote refinery offered nationwide logistics for petrol, and diesel distribution.

The refinery said it also acquired 4,000 new compressed natural gas (CNG)-powered tankers to enhance its fuel distribution capacity across the country.

Following the development, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said the Dangote 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 said the refiner’s decision could be a game-changer with potential benefits for end users, though it might pose challenges for the downstream sector.