NNPCL Raises Petrol Prices Across Nigeria

The Nigerian National Petroleum Company Limited (NNPCL) has announced an increase in petrol prices at its retail outlets nationwide. Motorists in Lagos are now paying N1,299 per litre, while those in parts of Abuja are paying up to N1,345 per litre.

This price adjustment is a result of a significant rise in wholesale costs, which saw three consecutive increases in the gantry price from the Petroleum Refinery within a span of nine days. The gantry price rose from N1,165 to N1,185 per litre on August 20, then to N1,200 per litre on August 25, and finally to N1,265 per litre on August 29, totaling a N100 increase.

As of Monday, checks revealed NNPCL dispensing petrol at N1,299 per litre in Ikeja, Lagos. Depot prices also increased, with Sahara and Ascon depots selling at N1,269 per litre, and Integrated and African Terminal depots at N1,270 per litre.

The rise in prices is compounded by elevated Brent crude oil prices, trading around $90.50 per barrel, which could further impact domestic petrol prices.