The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of petrol to N835 per litre in Lagos and N839 per litre in Abuja.
On Wednesday, Chronicle NG observed that the national oil company implemented the price adjustment across its retail outlets in both cities.
NNPC raised the price by N50 from N785 per litre in Lagos and by N20 from N815 per litre in Abuja.
The increase comes a day after the Dangote Refinery raised the ex-gantry price of petrol to N799 per litre.
The refinery announced that MRS retail outlets will now sell petrol at N839 per litre, up from N739 per litre.
On January 28, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said sustained competition would drive down prices of petrol, diesel, and liquefied petroleum gas (LPG) nationwide.
Saidu Mohammed, chief executive officer of the NMDPRA, said Nigerians are gradually moving toward more affordable energy as improved supply supports price stability.
“Sustained competition, rather than subsidies, will guarantee adequate supply of petrol and gas at affordable prices for Nigerians,” he said.
Mohammed explained that the removal of the petrol subsidy has allowed market forces to function effectively, improving efficiency across the downstream sector.
