The Nigerian National Petroleum Corporation Limited (NNPCL), Nigeria’s national oil company, has increased the pump price of gas across its retail outlets nationwide.
The new price, which took effect on Wednesday, is significantly higher than previous levels. In Abuja, gas now sells for N1,030 per liter, up from N897, while in Lagos, the price has risen to N998 per liter from N885.
The change follows the NNPCL’s September petrol-lifting deal with Dangote Refinery, where disagreements over pricing had briefly surfaced. Consequently, the NNPCL has exited its role as a middleman in the Dangote Refinery’s petrol sales. The national oil company will no longer absorb a subsidy of N133 per litre.
This shift towards a deregulated oil market allows marketers to negotiate prices directly with Dangote Refinery under a “willing buyer, willing seller” arrangement. An NNPCL official stated, “We can no longer continue to bear that burden,” citing the financial strain of the subsidy system. Private filling stations have begun adjusting their prices to match NNPCL’s.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
