Again, NNPC Increases Petrol Prices, Releases Updated Rates in Abuja, Lagos, Other States
- NNPC has raised petrol prices petrol prices across the country, in Lagos by N180
- The new price reflects the adjustement announced by the Dangote Petroluem Refinery
- David Bird, CEO of Dangote refinery has explained why petrol prices keep rising
The Nigerian National Petroleum Company (NNPC) has raised the price of petrol in Lagos from N1,050 to N1,230 per litre in Lagos.
The new price adjustement was mplement on Tuesday, March 10 and it is the fourth increase in just one week following the recent increase from N932 to N1,050 per litre.
Source: Getty Images
The new prices come shortly after Dangote Petroleum Refinery raised its ex-depot petrol price to N1,175 on Monday, March 9.
The Federal Capital Territory (Abuja) also saw a huge increase, with petrol prices rising from N1,081 to N1,261 per litre.
Here are NNPC new petrol prices at some states
Source: Getty Images
Dangote CEO explains price hike
Meanwhile, Dangote refinery has explained the changes in petrol prices in Nigeria.
Speaking during a media briefing on Monday, David Bird, Managing Director and CEO of Dangote Petroleum Refinery, attributed the rising petrol prices to volatility in global oil markets and escalating supply chain costs, Punch reports.
Bird noted that the refinery operates within the international commodities market, which directly influences the cost of crude oil and refined products.
He said crude oil purchased under the crude-for-naira programme from the Nigerian government is still priced according to global benchmarks, with additional expenses such as freight and insurance further driving costs.
Bird explained:
“Nigerian crude accounts for about 30 to 35% of the refinery’s feedstock, while the remainder is sourced from the global market and paid for in U.S. dollars.
“The involvement of multiple traders in the supply chain often adds further costs before the crude eventually reaches the refinery.”
Bird acknowledged that rising fuel prices are affecting consumers, noting that the company is working to reduce operational costs where possible.
He said.
“I fully acknowledge the pain that is being suffered. We are seeing that. We are doing what we can to ensure that we minimise costs throughout our supply chain."
He also highlighted the scale of volatility in the global oil market, explaining that the price of Brent crude had climbed from the mid-$60 range about a week earlier to around $118 per barrel.
At the same time, tanker freight costs increased sharply from about $800,000 to roughly $3.5 million per shipment.
NMDPRA explains why government can’t stop petrol prices from rising
Earlier, Legit.ng reported that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said fluctuations in petrol pump prices across Nigeria are a result of market dynamics under the country’s deregulated downstream petroleum sector.
The authority’s spokesperson, George Ene-Ita, stated this while reacting to the recent increase in fuel prices linked to the ongoing crisis in the Middle East.
According to him, variations in pump prices are largely determined by supply and demand forces rather than direct regulatory intervention.
Source: Legit.ng
