Petrol hits N915/litre in Lagos as NNPC hikes pump price again

The Nigerian National Petroleum Company (NNPC) Limited has once again raised the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with prices now soaring to N915 per litre in Lagos and N945 per litre in Abuja.

This fresh hike represents a N45 increase from the previous rate of N870 in Lagos and a N35 jump from N910 in the Federal Capital Territory.

A market survey conducted on Monday confirmed that the new prices have already taken effect at several NNPC retail outlets. For instance, motorists were seen purchasing petrol for N915 per litre at Fin Niger Filling Station along the Badagry Expressway and the NNPC station in Igando.

Similarly, in Abuja, the price climbed to N945 at the NNPC station in the Federal Housing area, Kubwa.

Private marketers have also raised their pump prices. MRS filling stations, affiliated with Dangote Refinery, adjusted their price to N925 in Lagos, while TotalEnergies outlets pegged theirs at N910 per litre.

Oluwafemi Arowolo Petroleum station at Iba was seen dispensing the product at N920 per litre.

This development follows a recent decision by Dangote Refinery to raise its ex-depot price of petrol to N880 per litre, while announcing a new nationwide distribution strategy.

The refinery revealed it had acquired 4,000 brand-new compressed natural gas (CNG)-powered tankers to bolster logistics and ease fuel distribution across Nigeria.

While some industry observers believe Dangote’s move could be a game-changer that might eventually benefit consumers, concerns have been raised within the downstream sector. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warned that the new logistics system could gradually create a monopoly, potentially leading to job losses among independent fuel dealers.

The Major Energies Marketers Association of Nigeria (MEMAN) also called for greater transparency regarding Dangote’s distribution plan, stressing the need for clear operational guidelines.

As Nigerians grapple with the rising cost of living, this latest petrol price hike is expected to trigger further increases in transportation fares and the prices of goods and services nationwide.

(TheCable)