By Uche Amunike
For reasons which might not be disconnected from the rise in prices of crude oil in the international market, the Nigerian National Petroleum Company (NNPC), has increased their petrol price from N965 to N990 per litre in the Federal Capital Territory , through their retail outlets.
Speaking, during the Inaugural Petroleum Industry Stakeholders Forum held in Abuja last week, the Minister of Petroleum Resources (Oil), Heineken Lokpobiri, stated that deregulation had fully set in the sector, because global oil prices will become a determinant on how much petrol prices will be sold, not only in Nigeria, but globally.
He explained that the forum would bring every stakeholder under one roof for the sake of tackling availability and all other issues concerning oil production.
His words: ‘The whole idea is to have a one-stop shop where all stakeholders will gather together, address issues, concerns, evolve policies, build consensus so that the oil industry will grow very fast.’
It has however been revealed that new petrol prices have been effected at NNPC stations in Abuja.
The changes were also effected at NNPC stations at Berger, Zones 1 and 3 and Nyanya, as well as at Mararaba and New Nyanya in Nasarawa State, while Bovas, Shema, AYM Shara and Zamson Oil along Abuja-Keffi road increased their prices within the ranges of N1,000 and N1,030.
The NNPC also raised its petrol prices at its locations in Lagos in the wake of a series of recent raised petrol prices in the fuel market in the country.
Recall that in December 2024, the NNPC reduced their prices from N1,025 to N925 per litre in Lagos and also from N1,040 to N965 to N960 per litre, even though some other petrol stations like Mobil did not move in the same direction. For instance, the Mobil petrol Station across from the NNPC outlet in Lagos, actually slightly reduced their price from N990 to N980 per litre. In Abuja however, instructions have not been given any instructions to change their prices for now.
This price movement comes at a period that the Dangote Petroleum Refinery increased its wholesale fuel price to N955 per litre through its distribution points. The reason being that Global prices of oil have been on the increase, as Brent crude oil now stood at $81 per barrel. Oil dealers in the country complained that the increased global prices would make local production more costly, thus bringing about higher pump prices.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has approved license to MRO Energy Limited to establish a 10,000-barrel-per-day refinery in Imode, Delta State.
The announcement was made by the authority’s CEO, Farouk Ahmed, through their official X account, where he assured that the refinery will strengthen Nigeria’s refining capacity and reduce dependency on imports.’
In Gombe, the license of a 27,000-barrel-day refinery was also approved two months ago.
Even though analysts see these projects as a means of addressing Nigeria’s recurring fuel supply issues and stability of pump prices in the long term, consumers are bracing themselves for the impact of the petrol price increase, which has strained household budgets amid rising inflation.
