The Nigerian National Petroleum Company (NNPC) Limited increased the pump price of petrol at its retail outlets on Wednesday. The national oil company raised the price to N933 per litre in Lagos and N960 per litre in Abuja. This adjustment represents an increase of N103 from the previous rate of N830 per litre in Lagos, and an increase of N85 from N875 per litre in Abuja.
Correspondents confirmed the price hike at NNPC retail stations. The changes appeared at outlets located in Apple Junction and along Ago Palace Way in Lagos. Furthermore, similar increases occurred at stations across the Federal Capital Territory.
The price adjustment follows months of mounting operational costs for the national oil company. Additionally, the removal of fuel subsidies in 2023 had previously triggered significant price volatility across the Nigerian petroleum market. Consequently, consumers now face additional financial pressure amid rising inflation and living costs.
Motorists and businesses throughout Nigeria absorbed the immediate effects of the increase. Transport fares rose in several cities within hours of the announcement. Moreover, traders adjusted prices for goods and services to account for higher distribution costs.
The NNPC Limited did not issue an official statement explaining the rationale behind the specific timing of the increase. However, energy analysts noted that global crude oil prices and exchange rate fluctuations influenced the decision. The company previously maintained that it operated under tight financial constraints while attempting to balance commercial viability with public affordability.
Independent petroleum marketers indicated they would review their own pricing structures in response to the NNPC adjustment. Meanwhile, labor unions criticized the move and called for government intervention. They argued that the increase would exacerbate poverty levels for millions of Nigerian workers.
