Less than three weeks after raising the per-litre petrol price, Nigerian National Petroleum Company Limited (NNPCL) has again adjusted prices at its retail outlets in Lagos, increasing the cost from ₦998 to ₦1,025 as of Tuesday.
In Lagos, Channels Television reported that several NNPCL stations were selling petrol at the new price of ₦1,025 per litre, a ₦28 jump from the previous price between October 9 and October 28. However, many stations were not selling fuel, citing stock shortages.
At the few NNPCL outlets selling petrol, the new price stood at ₦1,025, while independent marketers charged as much as ₦1,100 per litre.
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This increase follows the recent October 9 hike, which raised prices from ₦855 to ₦998. Earlier on September 2, NNPCL had increased prices from ₦568 to ₦855, sparking public outcry.
Since President Bola Tinubu’s “Subsidy is gone” declaration in May 2023, NNPCL has consistently raised petrol prices in Lagos from ₦184 per litre to the current ₦1,025.
While NNPCL has not issued an official statement regarding the latest price increase, it hinted at possible changes when it began loading petrol from the Dangote Refinery in mid-September, acquiring it at ₦898 per litre. NNPCL claimed it would retail the fuel at ₦950 per litre in Lagos and ₦1,019 in Borno.
The Dangote Refinery, which denied selling petrol at ₦898, commenced operations in Lagos last December.
It has since started producing diesel, aviation fuel, and petrol, with an eventual goal of reaching a full production capacity of 650,000 barrels per day by the end of the year.
Nigeria faces considerable energy challenges as all state-owned refineries remain non-operational, making the country reliant on imported refined products.
Fuel shortages and long queues are common, with petrol prices soaring over 400% since the subsidy removal in May 2023.
This ongoing price escalation has intensified the strain on Nigerians who rely on petrol to power vehicles and generators, given the country’s unreliable electricity supply.
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