THE Nigerian National Petroleum Company (NNPC) Limited has increased petrol price to ₦835 per litre in Lagos, and ₦839 per litre in Abuja.
The national oil company made the price adjustment across retail outlets in both cities.
NNPC increased the price of the product by ₦50 from ₦785 per litre in Lagos and by ₦20 from ₦815 in Abuja.
The development comes a day after the Dangote refinery increased the ex-gantry price of its petrol to ₦799 per litre.
The refinery said MRS retail outlets will now sell the product at ₦839 per litre — up from ₦739 per litre.
On January 28, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said with sustained competition, the prices of petrol, diesel, and liquefied petroleum gas (LPG) will keep decreasing across the country.
Saidu Mohammed, the NMDPRA’s chief executive officer (CEO), said Nigerians are steadily moving toward more affordable energy, as improved supply continues to support price stability.
“Sustained competition, rather than subsidies, will guarantee adequate supply of petrol and gas at affordable prices for Nigerians,” he said.
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Mohammed explained that the removal of the petrol subsidy has enabled market forces to operate effectively, enhancing efficiency throughout the downstream sector.
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