The Nigerian National Petroleum Company Limited (NNPC) has increased the price of petrol in its retail outlets, raising it by N25 per litre in Abuja and N35 per litre in Lagos.
The price per litre in Abuja has moved from N965 to N990, while in Lagos it has gone up from N925 to N960.
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This adjustment is attributed to the rising global oil prices, with Brent crude, Nigeria’s benchmark, recently surpassing $80 per barrel. It also aligns with the ongoing deregulation of the downstream oil sector, which was enacted by President Bola Tinubu.
Earlier this year, NNPC had lowered the retail price of petrol at its outlets, bringing it down to N925 per litre in Lagos and N965 per litre in Abuja, from N1,000 and N1,040 respectively.
