NNPC Releases New Petrol Prices for Lagos, Abuja as Dangote Refinery Clarifies Hike
- The Nigerian National Petroleum Company Limited (NNPC) has adjusted petrol prices at its retail outlets
- The company increased the prices in Lagos from N925 per litre to N960, reflecting changes in crude oil prices
- The price increase by NNPC is slightly more than the one offered by Dangote Refinery at N955 per litre
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
In Lagos and Abuja, retail filling stations owned by the Nigerian National Petroleum Company Limited (NNPC) have increased the pump price of petrol from N965 to N990.
The national oil company also hiked their prices in Lagos from N925 to N960 per litre.
Source: UGC
NNPC petrol price is higher than the Dangote Refinery cost
The development comes amid a slight decline in crude oil prices in the international market.
Investigations show that some filling stations have adjusted their pumps to the new price.
The increase is N20 or 2.1% higher than the N970 retail price offered by the Dangote Refinery in collaboration with three marketers, MRS, Ardova, and Heyden.
The price increase shows the reality of market dynamics, which aligns with the deregulation policy in the downstream petroleum sector, allowing prices to reflect demands.
The hike follows developments in the sector, including the commencement of petroleum product loading at the Dangote refinery, which is expected to reshape Nigeria's fuel supply.
Marketers begin loading petrol at Dangote Refinery
According to a Punch report, the price of gasoline rose to between N1,050 and N1,150 per litre due to the increase in product by Dangote Refinery and other depot owners.
The Lekki-based refinery increased petrol from N899 per litre to N955 at its loading bay.
Petroleum product dealers said that petrol prices would continue to climb since crude prices have been on an upward move
Findings show that some filling stations have begun selling at N990 per litre from the N965 it sold on Monday, January 20, 2025.
Major and independent marketers have also raised their prices to N1,030 per litre.
Donald Trump moves to increase US oil production
Meanwhile, President Donald Trump has planned an executive order and a declaration of an energy emergency to boost US oil and gas production, which could negatively impact Nigeria’s demand and revenue.
The development comes as oil prices declined to $80 per barrel from $83 per barrel on Monday, January 20, 2025, as traders anticipated Donald Trump's clarification of his agenda.
The US tops the list of oil buyers from Nigeria
The US is a bulk buyer of Nigeria’s oil, as data shows that the country led the list of top buyers in 2024.
Other countries that patronise Nigeria’s oil include France, Spain, The Netherlands, Italy, Canada, Indonesia, India, Ivory Coast and the United Kingdom.
Analysts say the planned executive order could severely impact Nigeria’s revenue and oil production.
According to reports, US oil and gas imports from Nigeria stood at $4.73 billion in 2023, up from $4.02 billion the year before.
Trump planned production increase to affect Nigeria
Experts say the planned production increase could cut Nigeria’s oil export to the US and impact Nigerua’s 2025 crude oil production target.
Meanwhile, Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), explained how the Nigerian government convinced foreign investors to increase oil production to 1.8 million barrels daily.
The minister narrated that from one million barrels per day in 2023, Nigeria’s oil output now stands at 1.8 million.
Dangote speaks on new petrol price
Legit.ng earlier reported that the Dangote Refinery has blamed the recent petrol price increases on the global rise of crude oil costs.
The company disclosed that the adjustment in ex-depot prices is directly related to the increase in global crude oil prices.
Read also
“Dangote has increased”: Petrol cost rises again in Nigeria as filing stations change price
Legit.ng earlier reported that Brent, the global benchmark for oil prices, rose from $75 per barrel to over $80 last week.
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Source: Legit.ng
