NNPC Announces New Petrol Price As Filling Stations Adjust Pump Rates
- NNPC has raised petrol price in Abuja to N1,299 per litre, with Lagos also affected
- Dangote Refinery’s gantry price increased three times, rising from N1,165 to N1,185, then N1,200 and finally N1,265 per litre
- The price increases came despite falling crude oil prices, with economists warning that higher fuel costs could worsen transportation expenses and the financial pressure on Nigerians
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian National Petroleum Company Limited (NNPC) has raised the pump price of petrol at its filling stations in Abuja and Lagos, adding to the financial pressure facing motorists across Nigeria.
NNPC stations in Abuja now sell petrol at N1,299 per litre, up from N1,250, while the price in Lagos moved from N1,210 to N1,225 per litre.
The adjustments reflect a broader wave of price reviews by filling stations responding to higher product replacement costs.
Source: Getty Images
Dangote Refinery's gantry price drives increase
The price movements follow a rapid series of ex-depot price changes by Dangote Refinery.
The refinery raised its gantry price from N1,165 per litre to N1,185, then to N1,200, and finally to N1,265 within a single week, representing a N65 per litre jump from the most recent previous rate.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said retailers had no choice but to align their pump prices with what it cost them to source the product.
He noted that frequent depot price changes were creating significant uncertainty for both marketers and consumers, as replacement costs could shift sharply within days.
Abuja stations and falling crude prices
Several filling stations across the Federal Capital Territory have already reflected the higher costs at the pump. AY Shafa raised its price from N1,250 to N1,270 per litre, while Optima moved from N1,260 to N1,300 per litre.
The increases came despite a decline in international crude oil prices.
Source: UGC
Brent crude was trading at $88.10 per barrel, down 0.47%, while West Texas Intermediate slipped 0.16% to $83.40 per barrel, having fallen from roughly $92 per barrel.
NAN reports that Economist Samson Ogunjimi described the situation as increasingly difficult for ordinary Nigerians, who are already dealing with the knock-on effects of high fuel costs across transportation and daily expenses.
He urged the Federal Government to step in and stabilise prices before the burden deepens further.
Dangote begins free petrol delivery to 6 states
Earlier, Legit.ng reported that the Dangote Petroleum Refinery has introduced a free petrol delivery programme for fuel marketers across six Nigerian states.
The announcement comes days after the refinery opened the sale of petrol to all licensed marketers, ending its previous consortium marketing arrangement.
The refinery said all qualified marketers can now purchase products directly from its loading gantry, widening access to locally refined petrol and allowing more participants to source fuel without going through intermediary arrangements.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
