The Nigerian National Petroleum Company (NNPC) Limited has raised petrol prices at its retail outlets, increasing the cost from N965 to N990 per litre in the Federal Capital Territory (Abuja) and from N925 to N965 per litre in Lagos.
This price hike reflects ongoing market dynamics and aligns with the country’s deregulation policy, which allows fuel prices to fluctuate according to supply and demand.
The adjustment follows a recent increase in petrol prices by the Dangote Petroleum Refinery and various depot owners, which saw the cost of petrol rise to between N1,050 and N1,150 per litre.
Dangote Refinery raised its price from N899 per litre to N955 at its loading gantry.
The recent increase comes amid rising global crude oil prices, with Brent crude recently reaching $81 per barrel.
Oil marketers have warned that the surge in global crude prices is impacting local production and could lead to further increases in pump prices.
Reports from NNPC stations and major oil marketers confirmed the price adjustment had been implemented.
In other news, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has granted a license to MRO Energy Limited to establish a new refinery in Imode, Ughelli, Delta State.
The refinery, with a production capacity of 10,000 barrels per day, is set to contribute to the country’s refining capacity.
This approval comes just two months after a similar license was issued to Process Design and Development Limited for a 27,000-barrel-per-day refinery in Gombe State.
The NMDPRA made the announcement via a post on its official X account, where it highlighted the approval and the presentation of the license to MRO Energy Limited.
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