By Awyetu Asabe Hope
The Nigerian National Petroleum Company Limited (NNPC Ltd) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, to N835 per litre in Lagos and N839 per litre in Abuja.
Checks on Wednesday showed that the new prices have taken effect across NNPC retail outlets in both cities.
The adjustment represents a N50 increase from the previous N785 per litre in Lagos, while Abuja recorded a N20 rise from N815 per litre.
The latest hike comes a day after Dangote Petroleum Refinery announced an increase in its ex-depot petrol price to N799 per litre.
Speaking on the development, the Chief Executive Officer of Dangote Petroleum Refinery, David Bird, said the facility continues to supply the domestic market with about 50 million litres of PMS daily, assuring that nationwide distribution remains seamless.
He added that the refinery’s operational flexibility allows it to process various crude and intermediate feedstocks, ensuring uninterrupted petrol supply even during scheduled maintenance.
Following the adjustment, Dangote Refinery said its partner outlets, including MRS filling stations, would sell petrol at N839 per litre, up from N739.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reiterated that increased competition in the downstream sector would help stabilise fuel prices over time.
Speaking on January 28, the Authority’s Chief Executive Officer, Saidu Mohammed, said sustained competition—rather than subsidies—remains key to ensuring adequate supply and improving affordability of petrol, diesel and liquefied petroleum gas nationwide.
