The Nigerian National Petroleum Company (NNPC) Limited has announced a price hike for petrol, setting the new retail prices at N835 per litre in Lagos and N839 per litre in Abuja.
The price increase, which took effect on Wednesday, marks a N50 per litre rise in Lagos (from N785) and a N20 per litre rise in Abuja (from N815).
This adjustment follows a similar price hike by Dangote Refinery, which raised its ex-gantry price to N799 per litre, with MRS retail outlets now selling at N839 per litre, up from N739.
In a related statement, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) indicated that the market’s sustained competition would help drive down fuel prices over time.
According to Saidu Mohammed, CEO of NMDPRA, the removal of fuel subsidies has allowed market forces to function more effectively, ensuring greater supply and price stability.
Mohammed emphasized that Nigeria is progressively moving toward more affordable energy, supported by enhanced competition in the sector. He pointed out that the government’s decision to phase out subsidies was creating a more competitive environment that benefits consumers by reducing costs, particularly for petrol, diesel, and liquefied petroleum gas (LPG).
With ongoing market adjustments, Nigerians can expect prices to become more competitive and in line with global energy trends, as the downstream sector continues to gain efficiency without the burden of subsidies.