NNPCL Increases Petrol Price to N990 Per Litre Amid Subsidy Removal

Retail outlets owned by the Nigerian National Petroleum Company Limited (NNPCL) have implemented a price increase for Premium Motor Spirit (PMS), commonly known as petrol. The new pump price now reaches as high as N990 per litre, up from N965 in the Federal Capital Territory, Abuja, and N925 in Lagos.

This adjustment, which took effect on Tuesday, January 21, 2025, applies to most of the NNPCL filling stations across the country.

The recent price hike is N20 higher than the N970 per litre announced by the Dangote Refinery for its partners, including Ardova, Heyden, and MRS Holdings. Dangote Refinery stated on January 19 that its partners would sell petrol nationwide at N970 per litre.

The price increases are a result of the petrol subsidy removal policy initiated by the administration of President Bola Tinubu, leading to higher fuel costs for Nigerians without government intervention. According to the Dangote Refinery, they have absorbed the increased logistics costs to maintain consistent pricing across all 36 states and the Federal Capital Territory (FCT).

The Dangote refinery also noted that they had raised their ex-depot price by 5%, from N899.50 to N950 per litre, a move they justified by the rising international crude prices.