For the second time in three weeks, the pump price of petrol has risen
Nigerian National Petroleum Corporation Limited (NNPCL) outlets in Lagos now sell petrol at N1,020 per litre, while those in Abuja sell at N1,050
This increase follows the previous hike on October 9, 2024, which saw prices jump from N885 to N998 in Lagos and N897 to N1,030 in Abuja.
NNPCL’s withdrawal from the Dangote Refinery purchase deal has led to the price increase. The national oil company will no longer cover the N133 per litre subsidy, marking a shift towards a fully deregulated oil market.
Under this new arrangement, marketers will negotiate petrol prices directly with the Dangote Refinery on a “willing buyer, willing seller” basis, similar to diesel and kerosene pricing.
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