President Bola Tinubu for the second time in three weeks, the pump price of petrol has risen sharply, now reaching N1,020 per litre at Nigerian National Petroleum Corporation Limited (NNPCL) outlets in Lagos and N1,050 in Abuja.
As of October 9, 2024, petrol prices, previously set at N897 per litre in Abuja, increased to N1,030, while Lagos prices climbed from N885 to N998. Daily Trust correspondents confirmed the new pricing during visits to NNPCL stations, including one on Arab Road in Kubwa, Bwari Area Council, and an outlet in Ikeja, Lagos, where the latest rates were displayed.
The increase follows NNPCL’s decision to withdraw from acting as a middleman in petrol procurement from the Dangote Refinery, which removed its role in covering a subsidy that previously kept prices lower by N133 per litre. This move signifies a step towards full deregulation, as NNPCL will no longer subsidize the gap between the Dangote Refinery’s production costs and the retail price.
With this change, petrol marketers will now negotiate prices directly with the Dangote Refinery under a “willing buyer, willing seller” model. This approach aligns with market practices for deregulated commodities such as diesel and kerosene, and marks a significant transition in Nigeria’s fuel industry.
