NNPC, Others Raise Petrol price from N915 Litre in Lagos, N945/litre in Abuja

BY BONNY AMADI with Agency Report

Petrol stations across Nigeria have raised their dispensing prices per litre from N870 per litre of petrol to close to N1000 depending on the dispensing station.

The Nigerian National Petroleum Company (NNPC) Limited, which is the government’s owned firm, raised its pump price of petrol to a minimum of N915 per litre in Lagos, while others price higher by about N50 margin difference. Also in the federal capital territory Abuja, the pump price per litre was raised to N945 per litre. Minimum pricing, while others maintain higher margin differences.

The current price represents a N45 increase from the previous price of N870 per litre in Lagos for the NNPC stations, while a difference of N35 from the prior price of N910 in Abuja.

It was observed on Monday that the price of the product increased to N915 at some NNPC filling stations in Lagos.

At the NNPC retail outlet at Fin Niger, Badagry Expressway, the price of the product increased to N915.

Similarly, at the NNPC filling station at Igando, the price of the product was sold at N915 a litre.

Cable report has it that in Abuja, the product was sold at N945 per litre at the Federal Housing area, Kubwa — up from the previous price of N910 per litre.

Some other retail outlets also raised the price of petrol in Lagos.

MRS filling stations, a Dangote refinery partner, increased the price of the product to N925 per litre in Lagos — from N875 per litre.

The development comes two days after the refinery increased the ex-depot price of petrol to N880 per litre.

TotalEnergies filling stations increased the price of petrol to N910 per litre – from the previous price of N879 per litre.

It was gathered that at the Oluwafemi Arowolo Petroleum outlet at Iba, the price of the product rose to N920 per litre.

On June 15, the Dangote refinery offered nationwide logistics for petrol, and diesel distribution.

The refinery said it also acquired 4,000 new compressed natural gas (CNG)- powered tankers to enhance its fuel distribution capacity across the country.

Following the development, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said the Dangote refinery’s forward integration adoption could lead to a monopoly in disguise and might cause significant job losses in the downstream sector.

On June 19, the Major Energies Marketers Association of Nigeria (MEMAN) also called for clarity on Dangote refinery’s proposal for nationwide logistics for petrol and diesel distribution.

Analysts said the refiner’s decision could be a game-changer with potential benefits for end users, though it might pose challenges for the downstream sector.