NNPC hikes petrol pump price to N933/litre in Lagos, N960/litre in Abuja

The Nigerian National Petroleum Company (NNPC) Limited has increased petrol price at its retail outlets to N933 per litre in Lagos and N960 per litre in Abuja.

The national oil company increased the product’s price by N103 from N830 in Lagos, and by N85 from N875 per litre in Abuja.

It was observed on Wednesday that the NNPC increased the price at its retail outlets in Apple Junction and along Ago Palace Way in Lagos.

In Abuja, the product was also sold at a new rate of N960 per litre at NNPC retail stations along Airport Road in Lugbe.

On March 2, the Dangote Petroleum Refinery increased its ex-gantry petrol price to N874 per litre, from N774 per litre.

The pump price hike comes amid the ongoing geopolitical tensions in the Middle East, which have triggered significant shifts in global crude oil prices.

On March 3, Brent crude rose to $85 per barrel — from $72 on February 28.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETRAON) had asked the federal government to ensure a steady crude oil supply to local refineries to reduce the impact of global disruptions on Nigeria’s petroleum market.

The association warned that if the crisis persists, its effects will go beyond pump prices, impacting foreign exchange (FX) stability, domestic fuel pricing, and overall inflation.