Petrol prices in Nigeria have increased, with the Nigerian National Petroleum Company Limited (NNPCL) adjusting its pump price from N965 to N990 per litre in the Federal Capital Territory. The new price template, effective nationwide, also raised prices in Lagos from N925 to N960 per litre.
The price adjustment reflects ongoing market dynamics and aligns with the deregulation policy in the petroleum sector. This increase follows recent developments, including the commencement of loading operations at the Dangote Refinery, expected to reshape the fuel supply chain in Nigeria.
Major and independent marketers have also increased petrol prices, with some filling stations selling at N1,030 per litre. Experts predict further changes in petrol pricing as Nigeria continues to align its energy policies with global market realities.
The increase in petrol prices is attributed to the rise in global crude oil prices, which have been on the upward swing lately. Brent crude oil futures dropped to $79.98 per barrel on Monday but rose marginally to $80.05 following President Trump’s inauguration.
Oil and gas expert Olatide Jeremiah noted that the refinery, depot, and pump price changes reflect market forces and the deregulation of the petroleum sector. He added that deregulation is a solution to fuel scarcity and price hikes, and the current hike is temporary, influenced by global market dynamics.
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