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NNPCL Increases Abuja Fuel Price to ₦990, Lagos Hits ₦960

Kehinde Fajobi

The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of Premium Motor Spirit (petrol) at its outlets in the Federal Capital Territory from ₦965 to ₦990 per litre. In Lagos, the price increased from ₦925 to ₦960 per litre, reflecting adjustments under the deregulated petroleum market.

A visit to various NNPCL filling stations in Abuja confirmed the changes, with one station at Airport Junction selling petrol at ₦990 per litre, up from ₦965, while another at Life Camp listed its price at ₦970 per litre.

This follows a recent hike in petrol prices by the Dangote Refinery and other depot owners, who raised the cost of refined petrol to ₦955 per litre at their gantries.

Consequently, independent and major marketers have increased pump prices, with some filling stations now selling petrol for as high as ₦1,030 per litre in Lagos and Akwa Ibom.

A source at a private depot revealed that loading operations at the Dangote Refinery had commenced fully on Monday, stating, “Marketers have increased their depot prices between ₦965 and ₦975 per litre, but at filling stations, prices exceed ₦1,000 in Lagos and ₦1,100 in Akwa Ibom.”

The upward adjustment aligns with global oil market trends, as crude oil prices fluctuate. Brent crude oil futures fell to $79.98 per barrel on Monday, from $81 last Friday, but rose marginally to $80.05 following the inauguration of former U.S. President Donald Trump, as markets await clarity on his energy policy agenda.

Olatide Jeremiah, an oil and gas expert, attributed the price hikes to market forces under the deregulated system.

He said, “The refinery, depot, and pump price changes are a reflection of market forces and a testament to the petroleum sector being deregulated. Deregulation is one major solution to fuel scarcity and pump price hikes.”

Jeremiah noted that the current hike is temporary and partly linked to previous U.S. sanctions on Russian oil under former President Joe Biden, which disrupted global supply chains.