The Nigerian National Petroleum Company (NNPC) Limited has officially raised the pump price of petrol across the country, with prices now standing at ₦915 per litre in Lagos and ₦945 per litre in Abuja. This sudden increase, which took effect on Monday, has sparked fresh concerns among Nigerian consumers and key industry stakeholders.
The new pricing represents a significant jump from previous rates. In Lagos, the pump price has risen by ₦45 from ₦870 per litre, while in Abuja, consumers will now pay ₦35 more than the previous ₦910 per litre.
Immediate compliance with the revised price structure was observed at NNPC retail outlets. A visit to the Fin Niger NNPC outlet on Badagry Expressway in Lagos confirmed petrol being sold at ₦915 per litre, a price also mirrored at the company’s Igando station. In the nation’s capital, motorists at the Federal Housing area of Kubwa, Abuja, were seen purchasing petrol at the new rate of ₦945 per litre.
Private filling stations have quickly followed suit. MRS, a notable partner of the Dangote refinery, adjusted its price to ₦925 per litre, an increase from its earlier ₦875. Similarly, TotalEnergies has raised its pump price to ₦910, up from the ₦879 it previously charged. At Oluwafemi Arowolo Petroleum in Iba, fuel was being sold at ₦920 per litre.
This sudden hike closely follows a recent move by the Dangote refinery, which increased its ex-depot petrol price to ₦880 per litre. This adjustment came just days before the refinery launched its nationwide logistics operations for petrol and diesel distribution on June 15. The refinery also announced the acquisition of 4,000 Compressed Natural Gas (CNG)-powered tankers, signaling an intensified strategy to control a larger share of the downstream fuel supply chain.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has already voiced alarm over potential monopolistic tendencies within the sector. The association suggests that the Dangote-led logistics model could stifle competition and lead to significant job losses in the downstream sector.
Concurrently, the Major Energies Marketers Association of Nigeria (MEMAN) has called for greater clarity regarding the refinery’s distribution proposal. MEMAN emphasizes the critical need for robust regulatory oversight to ensure fair market practices are maintained across the industry.
