The pump price of petrol has risen for the second time in three weeks, with current prices set at N1,020 at Nigerian National Petroleum Corporation Limited (NNPCL) outlets in Lagos and N1,050 in Abuja.
This follows an earlier increase on October 9, 2024, when prices were adjusted from N897 per litre in Abuja to N1,030 and from N885 to N998 in Lagos.
A visit to NNPCL outlet on Arab Road in Kubwa, a satellite town in Bwari Area Council, confirmed the new pricing at the pumps. In Lagos, an NNPCL station in Ikeja was observed selling fuel at N1,020 per litre.
Recall that the increase in petrol prices was anticipated due to NNPCL’s exit as a middleman in the Dangote Refinery purchase deal.
This means the national oil company will no longer absorb the price difference between the refinery’s cost and the retail selling price, which previously involved a subsidy of N133 per litre.
Experts have described NNPCL’s decision as a significant shift toward a fully deregulated oil market. Moving forward, marketers will negotiate petrol prices directly with the Dangote Refinery under a “willing buyer, willing seller” arrangement, aligning with practices for other deregulated products such as diesel and kerosene.
