NNPC increases petrol prices in Abuja, Lagos

In Lagos, the price has increased to ₦965 from ₦925.

This adjustment, announced on Tuesday, January 21, reflects the ongoing deregulation policy in Nigeria's petroleum sector, which allows prices to fluctuate in response to market dynamics.

The hike follows a surge in petrol costs at depots, with Dangote Petroleum Refinery recently raising its price from ₦899 to ₦955 per litre.

“The increase is inevitable, given the rising costs of crude oil and local production challenges,” an oil marketer explained.

Brent crude, the global benchmark, has recently hit $81 per barrel, further pressuring fuel prices.

Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has granted a licence to MRO Energy Limited to establish a 10,000-barrel-per-day refinery in Imode, Delta State.

The authority's CEO, Engr, announced the development on its X account. Farouk Ahmed noted, “This refinery will strengthen Nigeria's refining capacity and reduce dependency on imports.”

This licence follows a similar approval issued two months ago for a 27,000-barrel-per-day refinery in Gombe State.

Analysts view these projects as pivotal in addressing the nation’s recurring fuel supply issues and stabilising pump prices over the long term.

For now, consumers are bracing for the impact of the hike, which has further strained household budgets amid rising inflation.