Updated: NNPCL Hikes Petrol Price to N1,030 Per Litre

Filling stations operated by the Nigerian National Petroleum Corporation Limited (NNPCL) have raised fuel prices significantly across the country, with Abuja residents now paying N1,030 per litre, up from N897. In Lagos, the price has also surged to N998 per litre, previously N885.

A visit to NNPCL’s Maitama outlet in Abuja revealed long queues of motorists, many expressing frustration over the price hike. Meanwhile, at another NNPC station in Gudu, attendants were seen adjusting fuel pumps to reflect the new price, as confirmed by one station worker.

This price increase comes just a day after reports indicated an imminent hike following NNPCL’s withdrawal as the middleman in deals with Dangote Refinery. The national oil company had previously absorbed a subsidy of N133 per litre to keep prices lower. However, its exit from the arrangement means that fuel marketers will now directly negotiate prices with the Dangote Refinery on a “willing buyer, willing seller” basis, similar to deregulated products like diesel and kerosene.

In September, Dangote Industries announced that its 650,000 barrels-per-day refinery had started processing petrol, with NNPCL initially acting as the sole off-taker. However, recent changes have opened the door for independent marketers to source fuel directly from the refinery.