Petrol price hits N1,025 in Lagos, N1,050 Abuja

Petrol price hits N1,025 in Lagos, N1,050 Abuja

The pump price of petrol has gone up to N1,050 at the outlets of the Nigerian National Petroleum Corporation Limited (NNPCL), in Abuja, Newstrends can authoritatively confirm.

Our Correspondent moved around some of the NNPC Limited designated filling stations along Maraba axis and discovered that the pump price had been surreptitiously adjusted to the new price of N1,050 on Tuesday night.

It is recalled that the latest adjustment is the second time in three weeks.

On October 9, 2024, the product which previously sold for N897 per litre in Abuja was increased to N1,030 and N998 in Lagos where it formerly sold for N885.

Our correspondent who visited an NNPCL outlet on Abacha Road junction, a suburb, and border settlement near the nation’s capital observed the commodity being sold at the new price.

Experts earlier predicted likely pump price increase as a result of NNPCL’s exit as a middleman in the Dangote Refinery purchase deal.

This implies that the national oil company will no longer cover the price gap between the facility’s price and the selling price to retailers, previously absorbing a subsidy of N133 per litre.

Experts described NNPCL’s decision as a crucial shift towards a fully deregulated oil market.

Marketers would henceforth negotiate petrol prices directly with the Dangote Refinery under a “willing buyer, willing seller” arrangement, aligning with practices for other deregulated products such as diesel and kerosene.