The Nigerian National Petroleum Company Limited, NNPCL, has adjusted the pump price of petrol in its retail outlets throughout out the country.
The new price template, which came into effect nationwide on Tuesday, January 21, 2025, indicates that the product now sells for N990 per litre in the Federal Capital Territory, FCT, as against the previous price of N965; while in Lagos, the price spikes from N925 to N960 per litre.
The Dangote Refinery, in partnership with MRS filling station, Ardova, and Heyden, dispenses the product at N970 per litre in all their outlets, N20 lower than what the NNPCL now charges.
The latest price adjustment, like the previous ones, is in tandem with the federal government’s deregulation policy in the petroleum sector, which allows market forces of supply and demand to dictate prices.
This increase follows recent developments in the sector, including the commencement of loading operations at the Dangote Refinery, expected to reshape the fuel supply chain in Nigeria.
When the Dangote Petroleum Refinery and various depot owners effected a price hike, last Friday, the pump prices of petrol rose to between N1,050 and N1,150 per litre.
The Dangote plant raised its PMS from N899/litre to N955/litre at its loading gantry, even as dealers.
Dealers confirmed that PMS prices would continue to rise since the cost of crude oil, the major component in fuel production, has been on the upward swing in the international market lately.
