The Nigerian National Petroleum Company (NNPC) Limited has reviewed the pump price of petrol upward, with the product now selling at ₦835 per litre in Lagos and ₦839 per litre in Abuja.
Checks by TheCable on Wednesday showed that the national oil company implemented the new pricing across its retail outlets in both cities.
The latest adjustment represents a ₦50 increase from the previous ₦785 per litre in Lagos, while Abuja recorded a ₦20 rise from ₦815 per litre.
This price hike comes just a day after the Dangote refinery raised the ex-gantry price of petrol to ₦799 per litre.
Following the adjustment, the refinery announced that MRS retail outlets would sell the product at ₦839 per litre, up from ₦739 per litre.
Earlier, on January 28, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) stated that sustained competition would lead to a continuous reduction in the prices of petrol, diesel and liquefied petroleum gas (LPG) nationwide.
Saidu Mohammed, chief executive officer (CEO) of the NMDPRA, said Nigerians are gradually moving towards more affordable energy, as improved supply continues to drive price stability.
“Sustained competition, rather than subsidies, will guarantee adequate supply of petrol and gas at affordable prices for Nigerians,” he said.
Mohammed added that the removal of petrol subsidy has allowed market forces to function properly, improving efficiency across the downstream petroleum sector.