Petrol price hits N835 in Lagos, N839 in Abuja as NNPC adjusts pump rates

The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, across its retail outlets in Lagos and Abuja, further tightening pressure on consumers already grappling with rising living costs.

Checks on Wednesday showed that petrol is now selling for N835 per litre in Lagos and N839 per litre in Abuja at NNPC filling stations in the two cities. The latest adjustment represents an increase of N50 from the previous N785 per litre in Lagos and N20 from N815 per litre in Abuja.

The upward review comes barely a day after Dangote Petroleum Refinery raised the ex-gantry price of its petrol to N799 per litre, signalling renewed volatility in the downstream petroleum market.

Following the refinery’s price adjustment, MRS Oil Nigeria Plc, one of Dangote Refinery’s major retail partners, announced that petrol at its outlets would now sell for N839 per litre, up from the previous N739 per litre, reflecting a N100 jump at the pump.

Industry watchers note that the latest price changes by NNPC and private marketers underscore the increasingly market-driven nature of fuel pricing in Nigeria since the removal of petrol subsidy.

Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has maintained that sustained competition in the sector will ultimately lead to lower and more stable fuel prices nationwide.

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Speaking on January 28, the Chief Executive Officer of NMDPRA, Saidu Mohammed, said Nigerians are gradually moving toward more affordable energy options as improved supply dynamics continue to support price stability across the country.

“With sustained competition, the prices of petrol, diesel, and liquefied petroleum gas (LPG) will keep decreasing across the country,” Mohammed said.

He stressed that a competitive market, rather than government subsidies, remains the most effective way to guarantee adequate supply and fair pricing of petroleum products.

“Sustained competition, not subsidies, will guarantee adequate supply of petrol and gas at affordable prices for Nigerians,” the NMDPRA boss added.

Mohammed further explained that the removal of petrol subsidy has allowed market forces to function more efficiently, leading to better pricing transparency, improved supply chains, and increased investment in the downstream sector.

Despite these assurances, the latest hike in pump prices has sparked concerns among motorists and commuters, with many fearing a ripple effect on transportation costs and the prices of goods and services in the coming days.