The Nigerian National Petroleum Company (NNPC) Limited has increased petrol price to N835 per litre in Lagos, and N839 per litre in Abuja.
On Wednesday, TheCable observed that the national oil company made the price adjustment across retail outlets in both cities.
NNPC increased the price of the product by N50 from N785 per litre in Lagos and by N20 from N815 in Abuja.
The development comes a day after the Dangote refinery increased the ex-gantry price of its petrol to N799 per litre.
The refinery said MRS retail outlets will now sell the product at N839 per litre — up from N739 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.
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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