KEY POINTS
- NNPC has raised petrol prices in Lagos to N992 per litre from N865, with no official reason provided.
- The hike follows NNPC’s withdrawal from its intermediary role in purchasing fuel from the Dangote Refinery.
- Nigerians fear higher transport and living costs as fuel prices continue to fluctuate across the country.
Nigeria’s state-owned oil company, the Nigerian National Petroleum Company, NNPC, has raised the pump price of petrol to N992 per litre in Lagos, up from N865, marking yet another sharp increase in the cost of fuel without an official explanation.
The adjustment, which took effect over the weekend, was confirmed by several motorists who said attendants at NNPC retail outlets had begun updating their meters to reflect the new price.
However, in parts of Ogun State such as Ibafo, along the Lagos–Ibadan Expressway, NNPC stations were still displaying the old rate of N875 per litre but were not dispensing fuel to customers.
Fuel Scarcity Deepens Amid Confusion Over New Rates
This latest hike comes amid inconsistent pricing across regions and growing public anxiety over Nigeria’s volatile fuel market.
While the NNPC has in the past linked similar price changes to operational costs from loading products at the Dangote Refinery, the corporation has not issued any official communication explaining this particular adjustment.
Industry watchers say the move could be connected to NNPC’s recent decision to withdraw as an intermediary in its fuel purchase agreement with the Dangote Refinery, a development expected to push market forces more directly into play.
Under the Petroleum Industry Act (PIA), petrol prices are now determined through negotiation and not by direct government intervention.
For many Nigerians, however, the news comes as another blow.
Transportation fares and commodity prices are already climbing, and the latest increase is expected to further strain household incomes. In major cities, commuters have begun expressing frustration over what they see as unending adjustments in fuel pricing since the subsidy removal policy took effect in mid-2023.
Analysts warn that unless domestic refining stabilises and foreign exchange pressures ease, petrol prices could rise even higher before the end of the year.
