The Nigerian National Petroleum Company (NNPC) Limited has hiked petrol prices to N835 per litre in Lagos and N839 per litre in Abuja, effective Wednesday.
This adjustment represents a N50 increase from N785 per litre in Lagos and a N20 rise from N815 in Abuja.
The move follows Dangote Refinery’s recent price increase, setting its ex-gantry price at N799 per litre, with MRS outlets selling at N839 per litre.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) attributed this trend to market forces, stating that sustained competition will drive prices down.
“Sustained competition, rather than subsidies, will guarantee adequate supply of petrol and gas at affordable prices for Nigerians,” said Saidu Mohammed, NMDPRA’s CEO.
