The Nigerian National Petroleum Company (NNPC) Limited has raised petrol prices at its retail outlets in Abuja and Lagos. In Abuja, the price has increased from N965 to N990 per litre, while in Lagos, it has risen from N925 to N965 per litre.
According to Afripost, this adjustment is in line with the country’s deregulation policy, which allows fuel prices to be determined by market forces of supply and demand.
The move follows a recent hike in petrol prices by the Dangote Petroleum Refinery and other depot owners, where petrol prices surged to between N1,050 and N1,150 per litre.
Dangote Refinery had previously increased its price from N899 to N955 per litre at its loading gantry.
The price rise comes amid the global increase in crude oil prices, with Brent crude recently surpassing $81 per barrel.
Oil marketers have cautioned that the surge in global crude prices is impacting local production, possibly leading to further increases in domestic pump prices.
Reports from NNPC stations and major oil marketers have confirmed that the price adjustments are already in effect.
In a related development, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has granted a license to MRO Energy Limited to establish a new refinery in Imode, Ughelli, Delta State.
With a production capacity of 10,000 barrels per day, the new refinery is expected to boost Nigeria’s refining capacity. This follows the recent approval of a similar license for a 27,000-barrel-per-day refinery in Gombe State.
The NMDPRA announced the approval on its official X account, noting the presentation of the license to MRO Energy Limited.
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