JUST three weeks after increasing the price per litre of petrol, retail outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) have today raised the pump price in Lagos from ₦998 to ₦1,025.
Many NNPCL stations in Lagos were selling a litre of petrol for ₦1,025, reflecting a ₦28 increase from the price of ₦998 that was in effect between October 9 and October 28.
During visits to six NNPCL outlets in Lagos, it was noted that numerous filling stations were not offering fuel, citing a lack of stock.
A few NNPCL outlets that did sell petrol listed the price at ₦1,025, while some independent marketers charged as much as ₦1,100 per litre.
This recent price hike follows the increase on October 9, 2024, when prices rose from ₦855 to ₦998. Earlier, on September 2, 2024, the price was increased from ₦568 to ₦855, leading to public backlash.
Since President Bola Tinubu declared the end of subsidies in May 2023, the NNPCL has systematically raised petrol prices in Lagos from ₦184 to ₦1,025.
Although there has been no formal announcement from the NNPCL regarding this latest price increase, they had hinted at an adjustment when they began distributing petrol from the Dangote Refinery in mid-September.
At that time, the NNPCL stated that it acquired petrol at ₦898 per litre from the private refinery, planning to sell it for ₦950 in Lagos and ₦1,019 in Borno.
Dangote Refinery quickly refuted the claim of selling petrol to the NNPCL at ₦898, yet the NNPCL maintained its position, encouraging the refinery to disclose its selling price. They also provided a pricing breakdown for Dangote petrol at their filling stations nationwide.
Last December, Dangote, a prominent African industrialist, initiated operations at his $20 billion facility in Lagos, with a capacity of 350,000 barrels per day. The refinery, which faced prior regulatory challenges, aims to reach its full capacity of 650,000 barrels per day by year-end.
The refinery has also begun supplying diesel and aviation fuel to local marketers, in addition to petrol.
As Africa’s most populous nation, Nigeria grapples with significant energy issues, with all state-owned refineries currently non-operational. The country heavily depends on imported refined petroleum products, with the state-run NNPC being the primary importer.
Fuel shortages are prevalent, and since the removal of fuel subsidies in May 2023, petrol prices have more than quadrupled, soaring from around ₦200 to over ₦1,000 per litre. This dramatic increase has exacerbated the challenges faced by citizens who rely on petrol for their vehicles and generators amid ongoing electricity supply issues.
