Filling stations operated by the Nigerian National Petroleum Corporation Limited (NNPCL) have significantly increased the pump price of petrol, with prices in Abuja rising from N897 to N1,030 per litre.

In Lagos, fuel now sells for N998 per litre, up from N885, as motorists endure long queues across the country.

At an NNPC station in Gudu, Abuja, attendants confirmed that the price adjustment was in progress.

When asked if the station was out of stock, one attendant clarified that they were waiting for the pump meters to be recalibrated to reflect the new price of N1,030 per litre.

This price hike comes just 24 hours after reports surfaced predicting an increase due to NNPCL’s recent decision to exit its role as a middleman in the Dangote Refinery purchase agreement.

Previously, NNPCL absorbed a subsidy of N133 per litre, bridging the gap between the refinery’s production price and the market selling price.

However, with NNPCL stepping away, fuel prices will now reflect a fully deregulated market, where marketers negotiate directly with the Dangote Refinery under a “willing buyer, willing seller” model.

This shift marks a major turning point in Nigeria’s oil industry, as the national oil company reduces its involvement in pricing controls.

The NNPCL stated that it could no longer sustain the financial burden of covering the price gap, signaling a clear move toward market-driven petrol prices.

In September, Dangote Industries confirmed that its 650,000 barrels-per-day refinery had begun processing petrol, with NNPCL initially serving as the sole buyer. 

However, recent changes allow independent marketers to engage directly with the refinery, further pushing Nigeria toward a deregulated oil market.

This development is expected to have broad implications for fuel pricing across the country, potentially leading to more fluctuations in prices as market dynamics take full effect.

While the government’s withdrawal from price controls may foster competition among marketers, it also raises concerns over the affordability of fuel for everyday consumers.

The NNPC Limited has increased the price of premium motor spirit (PMS) also known as petrol across its retail outlets.

ALSO READ: We bought fuel from Dangote at N898 per litre – NNPCL

Hub 247 News observed that the price of the product increased to N998 per litre in Lagos on Wednesday. NNPC increased the pump price from N855 per litre set in September

At the NNPC retail outlets located at Ago Palace Way, Okota & 2nd Rainbow at Apapa Expressway, the price of PMS was fixed at N998 per litre

In Abuja, at Wuse Zone 4, an NNPC retail station sold the product at N1,003 per litre. Also, private filling stations have started adjusting their prices, with the Mobil filling station at College road, Ogba, adjusting its pump price to that of NNPC

The price development comes weeks after the NNPC commenced petrol lifting at the Dangote Petroleum Refinery’s gantry after an extended period of negotiations

On September 15 the NNPC said petrol was bought from Dangote refinery at N898 per litre. The Dangote refinery countered NNPC’s claim describing it as “both misleading & mischievous”