The Nigerian National Petroleum Company (NNPC) Limited has again adjusted the pump price of petrol, raising it to ₦925 per litre at its retail stations in Lagos.
This marks the second hike in less than a week. Just two days ago, the national oil company increased the price to N₦915 per litre, sparking fresh concerns among consumers already grappling with the rising cost of living.
At NNPC stations in Fin Niger, LASU-Iba, and Igando areas of Lagos, TheCable observed that the new pricing has already taken effect.
The latest upward review is linked to continued instability in the global crude oil market, intensified by the ongoing conflict in the Middle East.
Adding another layer to the evolving fuel pricing landscape is the Dangote Refinery’s recent adjustment of its ex-depot petrol price to ₦880 per litre on June 21.
The refinery had earlier announced its intention to commence nationwide distribution of petroleum products, a move analysts believe could reshape the downstream sector.
In preparation for this expansion, the refinery disclosed that it has acquired 4,000 new compressed natural gas (CNG)-powered tankers to bolster its logistics and distribution capacity across Nigeria.
However, industry stakeholders have expressed mixed reactions.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warned that Dangote’s aggressive forward integration strategy could lead to monopolistic dominance under the guise of market efficiency.
The group also raised alarm about the potential for job losses within the downstream retail space, especially for independent marketers and smaller retail operators.
Similarly, the Major Energies Marketers Association of Nigeria (MEMAN) has called on the federal government to clarify the extent of Dangote’s involvement in logistics and distribution, noting that such dominance could distort the competitive landscape.