NNPC raises Petrol Price in Lagos and other major cities, fuels market uncertainty

Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of Premium Motor Spirit (PMS) to N915 per litre in Lagos and N945 per litre in Abuja. This represents a N45 per litre increase in Lagos and a N35 hike in Abuja.

For further information, read more details here

The price adjustment has sparked concerns in the downstream petroleum sector, particularly with Dangote Refinery’s recent decision to raise its ex-depot price of petrol from N820 to N880 per litre. Other major marketers, including MRS Oil Nigeria Plc and TotalEnergies, have also adjusted their prices accordingly.

MRS Oil Nigeria Plc, a strategic partner of Dangote Refinery, raised its pump price to N925 per litre in Lagos, up from N875. TotalEnergies hiked its price to N910

Industry stakeholders have expressed anxiety over Dangote’s expanding control over production and distribution, warning of potential monopolistic tendencies. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) cautioned that the move may “disguise forward integration as efficiency,” potentially sidelining small and mid-sized retailers and resulting in job losses.

The Major Energies Marketers Association of Nigeria (MEMAN) has called for clarity and transparency in Dangote’s logistics proposal, emphasizing the need for multiple actors in national fuel distribution to maintain stability and fairness.

As the market adjusts to the new pricing, the NNPC and downstream regulators have yet to release any public statements on the hike or it’s duration

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post