Petrol Price Rises for Second Time in Three Weeks, Hits N1,020 in Lagos, N1,050 in Abuja

The pump price of petrol has increased for the second time in three weeks, with Nigerian National Petroleum Corporation Limited (NNPCL) outlets in Lagos and Abuja selling the product at N1,020 and N1,050 per litre, respectively.

This latest hike follows the previous increase on October 9, 2024, which saw prices rise from N885 to N998 in Lagos and N897 to N1,030 in Abuja.

The price increase is attributed to NNPCL’s exit from the Dangote Refinery purchase deal, which means the national oil company will no longer absorb the subsidy of N133 per litre. This shift towards a fully deregulated oil market allows marketers to negotiate petrol prices directly with the Dangote Refinery under a “willing buyer, willing seller” arrangement.

Experts consider this move crucial, aligning petrol pricing with practices for other deregulated products like diesel and kerosene.