The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of petrol to N835 per litre in Lagos and N839 per litre in Abuja, reflecting a fresh upward adjustment across its retail outlets.
Checks on Wednesday confirmed that the new prices have taken effect in both cities, representing an increase of N50 from the previous N785 per litre in Lagos and N20 from N815 per litre in Abuja.
The latest hike follows a recent adjustment by the Dangote Petroleum Refinery, which raised the ex-gantry price of petrol to N799 per litre. The refinery announced that partner outlets, including MRS filling stations, will now dispense petrol at N839 per litre, up from N739.
Chief Executive Officer of Dangote Petroleum Refinery, David Bird, said the facility continues to supply the domestic market with about 50 million litres of petrol daily, assuring that nationwide evacuation and distribution remain seamless. He noted that the refinery’s operational flexibility enables it to process a wide range of crude and intermediate feedstocks, ensuring uninterrupted supply of premium motor spirit even during planned maintenance.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reiterated that market forces are central to moderating fuel prices. Speaking on January 28, the authority’s Chief Executive Officer, Saidu Mohammed, said sustained competition, rather than subsidies, would guarantee adequate supply and promote affordability of petrol, diesel and liquefied petroleum gas across the country.
Mohammed explained that the removal of the petrol subsidy has allowed market mechanisms to function more effectively, improving efficiency in the downstream sector and supporting price stability.
As fuel prices continue to rise in major cities, regulators and refiners maintain that increased competition and market-driven mechanisms will continue to shape Nigeria’s downstream petroleum market.
