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NNPC Raises Petrol Price to ₦835/Litre in Lagos, ₦839 in Abuja
The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of premium motor spirit (petrol) to ₦835 per litre in Lagos and ₦839 per litre in Abuja.
A Check by REPORTERS on Wednesday showed that the new prices have been implemented across NNPC retail outlets in both cities.
The latest adjustment represents a ₦50 increase from the previous ₦785 per litre in Lagos, while Abuja motorists are paying ₦20 more, up from ₦815 per litre.
The price hike comes barely a day after the Dangote Petroleum Refinery raised the ex-gantry price of petrol to ₦799 per litre. Following the adjustment, the refinery announced that MRS Oil retail outlets would now sell petrol at ₦839 per litre, up from ₦739.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has insisted that sustained competition in the downstream sector will eventually lead to lower fuel prices nationwide.
Speaking on January 28, the agency’s Chief Executive Officer, Saidu Mohammed, said Nigerians are gradually moving toward more affordable energy as improved supply continues to support price stability.
According to him, the removal of petrol subsidy has allowed market forces to function more efficiently, improving supply and competition across the sector.
“Sustained competition, rather than subsidies, will guarantee adequate supply of petrol and gas at affordable prices for Nigerians,” Mohammed said.
He added that deregulation has enhanced operational efficiency throughout the downstream petroleum industry, positioning the market for long-term stability.
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