The Nigerian National Petroleum Company (NNPC) Limited has reviewed petrol pump prices upward, setting new rates of N835 per litre in Lagos and N839 per litre in Abuja at its retail outlets.
Verification on Wednesday showed that the national oil company rolled out the revised prices in both cities, reflecting an increase of N50 from the previous N785 per litre in Lagos and N20 from N815 per litre in Abuja.
The latest hike comes shortly after Dangote Refinery adjusted its ex-gantry petrol price to N799 per litre. Following this change, the refinery announced that partner filling stations, including MRS outlets, will now sell petrol at N839 per litre, up from N739.
Speaking on supply capacity, Dangote Petroleum Refinery Chief Executive Officer, David Bird, said the facility continues to meet local demand by supplying about 50 million litres of petrol daily. He noted that nationwide evacuation and distribution are running smoothly.
“The refinery’s operational flexibility allows it to process a wide range of crude and intermediate feedstocks, ensuring uninterrupted PMS supply even during planned maintenance activities,” Bird said.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) also highlighted the influence of market forces on fuel pricing.
On January 28, NMDPRA Chief Executive Officer, Saidu Mohammed, stated that sustained competition, rather than subsidies, is key to ensuring sufficient supply and affordability of petrol, diesel, and liquefied petroleum gas across Nigeria.
“Sustained competition, rather than subsidies, will guarantee adequate supply of petrol and gas at affordable prices for Nigerians,” Mohammed said. He explained that the removal of petrol subsidies has enabled market forces to function more effectively, enhancing efficiency in the downstream sector and supporting price stability.
With fuel prices climbing in major urban centres, regulators and refiners continue to attribute the trend to competitive, market-driven mechanisms shaping Nigeria’s downstream petroleum industry.
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