BREAKING: NNPCL Raises Fuel Price To N1,030 Per Litre In Abuja, N998 In Lagos Amid Deregulation

Abuja, Nigeria- The Nigerian National Petroleum Corporation Limited (NNPCL) has increased the price of fuel at its filling stations, triggered concerns across the country.

In Abuja, the pump price has surged from N897 to N1,030 per litre, while in Lagos, it has risen from N885 to N998 per litre.

This price hike follows NNPCL’s exit from its role as a middleman in the Dangote Refinery’s petroleum sales.

The company had been absorbing a N133 per litre subsidy, but with the shift to a fully deregulated oil market, NNPCL will no longer offset the price gap for consumers.

Now, independent marketers will negotiate directly with the Dangote Refinery under a “willing buyer, willing seller” model. This move is seen as part of the broader effort to align fuel pricing with global practices for deregulated products like diesel and kerosene.

NNPCL officials have cited financial strain as a reason for the decision. “We can no longer continue to bear that burden,” an official told Premium Times, signaling an end to the company’s subsidy of fuel prices.

The development comes shortly after Dangote Refinery, with its capacity of 650,000 barrels per day, began processing petrol for the Nigerian market.

The adjustment in pricing is expected to impact motorists and industries nationwide, leading to long queues at filling stations.