New NNPC Petrol Price: Abuja, Lagos, Ogun, Other States Filling Stations Adjust Rates
- Dangote Refinery raised its gantry price from N1,265 to N1,350 per litre, triggering pump price increases across major Nigerian cities
- NNPCL outlets in Lagos now sell petrol at N1,380 per litre, while Abeokuta records a lower price of N1,307 at NNPCL stations
- Economists and labour leaders are warning that the latest petrol price movement could drive up food and transport costs for 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.
Petrol prices across Nigeria have climbed sharply after Dangote Petroleum Refinery raised its wholesale gantry price from N1,265 to N1,350 per litre, pushing pump prices at major filling stations to new highs in Lagos, Abuja, and Ogun State.
The N85 increase, which amounts to a 6.7% rise, has taken the refinery's wholesale price above Nigeria's current petrol landing cost of about N1,311 per litre.
Source: Getty Images
Pump prices climb in Lagos and Ogun
In Lagos, the Nigerian National Petroleum Company Limited (NNPCL) has set its pump price at N1,380 per litre from N1,299.
Checks along Iyana-Iba Road showed that FVB and Toluwalase filling stations were selling at N1,350 per litre, reflecting differences in when each outlet last purchased its stock.
In Abeokuta, Ogun State, prices varied considerably. The NNPCL outlet there was selling petrol at N1,307 per litre, while Fatgbems outlets were charging N1,385 per litre.
Marketers who bought supplies before the latest adjustment are likely to sell existing stock at lower prices before revising their rates upon restocking.
Abuja records highest prices
Abuja has seen the steepest increases. According to checks by the News Agency of Nigeria, NIPCO raised its pump price from N1,350 to N1,430 per litre. Mobil increased from N1,350 to N1,400 per litre, and MRS moved from N1,350 to N1,395 per litre.
An attendant at an MRS outlet in Abuja, who asked not to be named, said the station was still selling stock purchased before the latest wholesale adjustment.
The attendant noted that prices could rise further once fresh supplies are brought in.
The increases coincide with elevated international crude oil prices.
Brent crude was trading at around $107.92 per barrel before moving to $108.21, adding further pressure on the cost of petroleum products and replacement supplies.
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Experts raise concern
Economist and development expert Aliyu Ilias cautioned that repeated petrol price increases could intensify inflation by pushing up transportation and production costs, which would eventually filter through to the prices of food and other daily essentials.
Former Secretary-General of the Organisation of African Trade Union Unity, Owei Lakemfa, urged the government to shield Nigerians from sharp swings in global oil prices, DailyTrust reports.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said filling stations had updated their pump prices in response to successive wholesale adjustments.
He said frequent wholesale price changes create uncertainty for operators because replacement stock can become more expensive before current supplies are fully sold.
Marketers unveil true cost of aviation fuel
Earlier, Legit.ng reported that Nigeria’s aviation sector is on edge as a fierce dispute over the price of aviation fuel threatens to disrupt domestic flight operations.
The Major Energies Marketers Association of Nigeria (MEMAN) has pushed back against claims by the Airline Operators of Nigeria (AON) that Jet A1 fuel now costs as high as N3,300 per litre, a figure airlines say is forcing them toward a potential shutdown.
MEMAN expressed surprise at the ₦3,300 per litre figure, describing it as significantly above prevailing market rates.
Source: Legit.ng
