The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol to ₦835 per litre in Lagos and ₦839 per litre in Abuja.
According to reports, the price adjustment was implemented across several NNPCL retail outlets in Lagos and Abuja.
The new prices represent an increase of ₦50 from ₦785 per litre in Lagos and ₦24 from ₦815 per litre in Abuja.
The development comes a day after the Dangote Refinery increased its ex-gantry price of petrol to ₦799 per litre.
The refinery announced that MRS retail outlets would now sell the product at ₦839 per litre, up from ₦739 per litre.
On January 28, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) stated that with sustained competition, the prices of petrol, diesel and liquefied petroleum gas (LPG) would continue to decline across the country.
According to Saidu Mohammed, Chief Executive Officer (CEO) of the NMDPRA, Nigerians are steadily moving towards more affordable energy, as improved supply continues to support price stability.
“Sustained competition, rather than subsidies, will guarantee adequate supply of petrol and gas at affordable prices for Nigerians,” he said.
Mohammed further explained that the removal of the petrol subsidy has allowed market forces to operate more effectively, thereby improving efficiency across the downstream petroleum sector.
