The Nigerian National Petroleum Company (NNPC) Limited has raised the petrol pump price to N925 per litre in Lagos.
This adjustment comes just two days after the company had increased the price to N915.
It was gathered that the new price of N925 per litre was reflected at NNPC retail outlets located at Fin Niger, LASU Iba, and Igando, Lagos State.
Major industry players have recently revised their pricing as global crude market instability—driven by the conflict in the Middle East—continues to escalate.
On June 21, Dangote refinery raised its ex-depot petrol price to N880 per litre.
Before this change, the refinery had announced intentions to begin nationwide distribution of petroleum products.
It also revealed the acquisition of 4,000 new compressed natural gas (CNG)-powered tankers to strengthen its nationwide distribution network.
In reaction, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) expressed concern that the refinery’s forward integration strategy could result in a hidden monopoly and potentially lead to significant job losses within the downstream sector.
Earlier, on June 19, the Major Energies Marketers Association of Nigeria (MEMAN) had called for clarification regarding Dangote refinery’s logistics plan for nationwide petrol and diesel distribution.
Experts believe the refinery’s approach could significantly benefit end users, although it may present certain challenges for operators in the downstream sector.
