By Ayomide Otitoju
The Nigerian National Petroleum Company Limited (NNPCL) has increased petrol pump prices to ₦1,025 per litre across its Lagos outlets, up from ₦998, marking a ₦28 rise within just three weeks. Channels Television reported the price hike on Tuesday, with visits to six NNPCL retail stations revealing that some outlets were out of stock, while others charged as high as ₦1,100 per litre under independent marketers.
This latest increase follows an October 9 adjustment when prices rose from ₦855 to ₦998 per litre. Since the government’s removal of fuel subsidies in May 2023, NNPCL has raised pump prices from ₦184 to the current ₦1,025 per litre, escalating pressure on consumers amid ongoing energy supply challenges.
Although no formal announcement has been made regarding the latest hike, NNPCL hinted at a potential price increase in mid-September as it began sourcing petrol from the Dangote Refinery. NNPCL reported paying ₦898 per litre from Dangote, setting Lagos retail prices at ₦950 and as high as ₦1,019 in northern states. Dangote Refinery denied selling at ₦898, but NNPCL maintained its pricing structure, releasing a breakdown of retail costs nationwide.
Despite its recent opening, the Dangote Refinery—expected to reach full capacity of 650,000 barrels per day by year-end—faces the monumental challenge of meeting Nigeria’s fuel demand. Meanwhile, the nation’s state-owned refineries remain non-operational, leaving NNPCL as the main importer of refined products.
As petrol prices have quadrupled since the subsidy removal, Nigeria continues to grapple with erratic electricity supply, further straining citizens who rely on petrol for vehicles and generators.
