NNPC Increases Petrol Price by N25 in Abuja, N35 in Lagos Amid Rising Global Oil Prices
The Nigerian National Petroleum Company Limited (NNPC) has raised the pump price of petrol by N25/litre in Abuja and N35/litre in Lagos in its retail outlets.
While the price per litre in Abuja rose from N965 to N990 in Abuja, it increased from N925 to N960 per litre in Lagos, THISDAY learnt.
The price increase is a reaction to the rise in the international price of oil, which has recently topped $80 per barrel, especially Brent, Nigeria’s benchmark. It is also coming against the backdrop of the deregulation of the downstream oil sector by President Bola Tinubu.
The national oil company had earlier on January 23 reduced the retail price of petrol at its outlets to N925 per litre in Lagos and N965 per litre in Abuja from N1,025 per litre and N1,040 in Abuja respectively.
Last week, the Dangote refinery had hiked its ex-depot price for petrol from its facility from N899/litre to N955/litre, with a plan to sell for N970 per litre at the retail pumps.
The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, had last week said that deregulation has fully set in the sector as global oil price will now determine how much the price of fuel will be sold. This means that prices of products will henceforth fluctuate, the same way it is globally.
From the NNPC filling stations around Berger, Zones 1 and 3 and Nyanya, the story was the same, as the facilities had adjusted their pumps accordingly. However, private retail stations like Shema, Bovas, AYM Shafa, and Zamson Oil along the Abuja-Keffi road were selling for between N1,000 and N1,030 per litre.
Meanwhile, the NNPC has said it uncovered 55 illegal refineries and 29 illegal pipeline connections in one week across the Niger Delta region.
The company disclosed this in a video documentary on its official YouTube channel, saying it recorded a total of 179 incidents of oil theft in the region.
The operations, which took place between January 11 to 17, 2025, led to the arrest of 30 suspects and the discovery of various illegal oil installations, according to the broadcast.
“An industry-wide security collaboration to safeguard hydrocarbon infrastructure continues to yield remarkable results,” the broadcast said.
It listed the various companies and stakeholders involved in the joint efforts to eradicate crude oil theft including NNPCL Command and Control Centres; Shell Petroleum Development Company; Pipeline Infrastructure Nigeria Limited; and Maton Engineering Nigeria Limited.
“On the waterways, wooden fiber boats packed with crude oil were confiscated at Asa and Bile in Rivers”, NNPC said in the documentary.
The company emphasised that the fight against crude oil theft will continue “until the menace is eradicated for good.”
