The Nigerian National Petroleum Company (NNPC) Limited has increased petrol prices across major cities, with the product now selling for N835 per litre in Lagos and N839 per litre in Abuja.
A review by TheCable on Wednesday confirmed that the national oil company had adjusted fuel prices at retail outlets in both cities.
This marks a N50 increase in Lagos, where petrol previously sold for N785 per litre, and a N20 rise in Abuja, where the price had been N815 per litre.
Price Hike Follows Dangote Refinery Adjustment
The increase comes a day after the Dangote Refinery raised its ex-gantry price for petrol to N799 per litre. The refinery also stated that MRS retail outlets will now sell petrol at N839 per litre, up from N739 per litre.
Regulator Says Competition Will Bring Prices Down
On January 28, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) expressed optimism that fuel prices will continue to decline across the country as competition intensifies.
NMDPRA CEO Saidu Mohammed said that improved supply is helping to stabilize prices, and that market competition—not subsidies—will ensure affordable fuel and gas for Nigerians.
He noted that the removal of petrol subsidy has allowed market forces to function more effectively, boosting efficiency across the downstream sector.