Again, NNPC Increases Petrol Price to N1050

Nigerians, particularly commuters and motorists, continue to struggle as Nigerian National Petroleum Corporation Limited (NNPCL) filling stations have once again raised petrol prices in Lagos and Abuja.

iDeemlawful reports multiple periods the price of petrol has been increased in less than two months, with prices in Lagos rising from N998 to N1,025 per litre and in Abuja from N1,030 to N1,050 per litre.

In Lagos, NNPC retail outlets at Ikeja, Egbeda, Cement, and Dopemu now sell PMS for N1,025 per litre, Nairametrics can confirm.

FG allows marketers to buy petrol directly from Dangote and other local refineries
FG allows marketers to buy petrol directly from Dangote and other local refineries
October 11, 2024

Similarly, in Abuja, filling stations in Wuse, Kuje, Airport Road, and other areas are now dispensing petrol at N1,050 per litre.

This latest increase comes over a month after the NNPC began lifting petrol from the Dangote Petroleum Refinery’s gantry, following a lengthy period of price negotiations.

On September 15, NNPC disclosed that petrol was sourced from the Dangote refinery at N898 per litre. However, the refinery’s management refuted the pricing report, describing it as misleading, though they did not disclose the actual price.

In September, the NNPC disclosed that it was purchasing petrol from the Dangote Refinery at N898.78 per liter but selling it to marketers at N765.99 per liter, absorbing a subsidy of nearly N133 per liter. However, the company emphasized that this arrangement is no longer sustainable.

Between September 15 and 30, the NNPC lifted about 103 million liters of petrol from the Dangote Refinery.

During this period, the refinery loaded 2,207 out of the 3,621 trucks dispatched to it. These trucks transported a total of 102,973,025 liters out of the intended 400 million liters, originally planned to be lifted at a daily rate of 25 million liters.

Following the lifting, the NNPC announced new fuel prices for different locations across the country.

In recent months, fuel queues have persisted across major Nigerian cities, making it difficult for citizens to access petrol.

Although the queues have eased somewhat since the September price increase, they remain visible in parts of Lagos, Abuja, Ogun, and other states.

At one point, Nairametrics reported that petrol prices exceeded N1,000 per liter in some northern states.

The gradual rise in fuel prices has accompanied the removal of subsidies, with the government still grappling with challenges in regulating petrol distribution to marketers and filling stations.