Again, NNPC Raises Petrol Price

NNPC Raises Petrol Price

The Nigerian National Petroleum Company (NNPC) Limited has again increased the pump price of petrol, raising it to N925 per litre at its retail outlets in Lagos. This latest hike follows a recent adjustment just two days earlier, when the price was raised to N915.

SK Blog confirmed the new price at NNPC stations in key parts of Lagos, including Fin Niger, LASU Iba, and Igando. The change reflects broader turbulence in the global oil market, driven by ongoing conflict in the Middle East, which has led major industry players to adjust their pricing strategies.

On June 21, Dangote refinery also increased its ex-depot price of petrol to N880 per litre. The refinery has recently announced plans to begin nationwide distribution of petroleum products and has acquired 4,000 compressed natural gas (CNG)-powered tankers to support this effort.

In response, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) expressed concern that the refinery’s growing dominance could create a disguised monopoly and lead to significant job losses in the downstream sector. Similarly, the Major Energies Marketers Association of Nigeria (MEMAN) has called for greater clarity on the Dangote refinery’s proposed logistics plan for petrol and diesel distribution nationwide.

While industry analysts see the refinery’s moves as potentially transformative for fuel availability and pricing, they caution that the changes could disrupt existing market dynamics and pose challenges for other stakeholders in the sector.