• Motorists Queue Amid NNPCL Price Increase
• Fuel Costs Jump to N1,030 in Abuja, N998 in Lagos
The Nigerian National Petroleum Corporation Limited (NNPCL) has officially raised the pump price of petrol, with motorists across the country feeling the impact. In Abuja, the nation’s capital, fuel that previously sold for N897 is now priced at N1,030 per litre, while in Lagos, the cost has climbed from N885 to N998 per litre.
A Daily Trust correspondent, who visited an NNPC outlet in Maitama, Abuja, reported observing long queues as motorists waited to purchase the product, despite complaints about the price surge. At another NNPC station in Gudu, Abuja, motorists also lined up, waiting for attendants to begin sales.
When questioned by our reporter if the station had run out of stock, an attendant responded, “We have fuel, but the management is adjusting the metres to reflect the new price.”
She confirmed that the price adjustment would reflect N1,030 per litre.
Meanwhile, in Lagos, fuel is now being sold at N998 per litre, with similar long queues forming at fuel stations.
This price hike comes just 24 hours after Daily Trust hinted at a potential increase following NNPCL’s exit from its role as a middleman in the Dangote Refinery deal. NNPCL had previously absorbed a subsidy of N133 per litre by covering the gap between the refinery’s selling price and the final retail price.
An official from NNPCL, speaking to Premium Times, explained the decision to end the subsidy: “We can no longer continue to bear that burden,” the source said, noting that the move marks a significant step towards a fully deregulated oil market.
Under this new arrangement, independent petroleum marketers will now negotiate directly with the Dangote Refinery in a “willing buyer, willing seller” model, similar to existing practices for other deregulated products like diesel and kerosene.
In September, Devakumar Edwin, Vice President of Dangote Industries, confirmed that the 650,000 barrels per day refinery had begun processing petrol, initially with NNPCL as the sole off-taker.
However, recent policy changes allow for more flexibility, enabling marketers to engage directly with the refinery.
