The Nigerian National Petroleum Company (NNPC) Limited has increased the price of petrol, also known as premium motor spirit, to N950 per litre in Abuja.
This adjustment comes after the company previously set the price at N880 per litre.
In Lagos, petrol now costs N925 per litre, rising from the previous price of N860.
The increase was observed at major NNPC retail outlets, including those in Ago Palace Way and Second Rainbow.
This change follows the recent decision by the Dangote refinery to temporarily stop selling petroleum products in naira due to ongoing negotiations over the naira-for-crude arrangement.
The refinery stated that selling in naira had caused a mismatch between its sales revenue and crude oil purchase commitments, which are based on U.S. dollars.
The arrangement allowing local refineries to purchase crude oil in naira began on October 1, 2024.
The plan was aimed at reducing reliance on imported petroleum products, improving supply, and lowering pump prices. However, NNPC recently announced the suspension of this deal until 2030 after forward-selling all its crude oil.
Despite the suspension, discussions are still ongoing for a new naira-for-crude agreement with Dangote refinery, as the previous deal expired
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