The Nigerian National Petroleum Company (NNPC) has implemented an increase in petrol prices at its retail stations as well as at various independent outlets, effective immediately.
This change comes on the heels of NNPC’s decision to end its exclusive purchase agreement with Dangote Refinery, marking a significant shift in the fuel supply landscape.
With the termination of this agreement, the NNPC will no longer act as the sole off-taker for petroleum products, allowing other marketers the opportunity to negotiate prices directly with Dangote Refinery.
This adjustment aligns with the current trends in the market for fully deregulated products, where refineries are permitted to sell directly to marketers based on a willing buyer, willing seller framework.
The new pricing for petrol has been set at approximately N998 per litre at NNPC stations located in Lagos. In other states across the South-West region, the price is slightly higher, reaching around N1,025 per litre. In the capital city of Abuja, petrol prices vary, ranging from N1,030 to N1,065 per litre.
In the North-East of Nigeria, customers can expect petrol prices at NNPC retail stations to fall between N1,060 and N1,070 per litre. Meanwhile, in the South-South region, the prices are anticipated to be in the range of N1,055 to N1,075 per litre.
This widespread increase in petrol prices highlights the evolving dynamics in Nigeria’s fuel market following the changes in agreements and regulations.
