By Abubakar Yunusa
The pump price of petrol in Nigeria has increased for the second time in three weeks, with petrol now selling at N1,020 per litre in Lagos and N1,050 in Abuja, as observed at Nigerian National Petroleum Corporation Limited (NNPCL) stations.
The latest hike comes after a previous increase on October 9, which saw prices climb from N885 to N998 per litre in Lagos and from N897 to N1,030 in Abuja.
NNPCL’s recent exit as an intermediary in the Dangote Refinery’s supply chain is believed to be a factor in the price surge, as the national oil company no longer absorbs a subsidy that previously covered a N133-per-litre gap between refinery prices and retail prices.
This shift is seen as part of Nigeria’s move toward a fully deregulated oil market.
Under this new “willing buyer, willing seller” model, petrol marketers will negotiate prices directly with the Dangote Refinery, mirroring the deregulated pricing practices already in place for products like diesel and kerosene.
Industry experts view this as a key step in aligning Nigeria’s oil sector with global market standards.