Price of Petroleum has increased again

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 The pump price of petrol in Nigeria has risen for the second time in three weeks, now at N1,025 in Lagos and N1,050 in Abuja. This follows an increase on October 9, 2024, when prices went from N897 to N1,030 in Abuja and from N885 to N998 in Lagos.

The price hikes are attributed to the Nigerian National Petroleum Corporation Limited's (NNPCL) exit as a middleman in transactions with the Dangote Refinery. As a result, NNPCL will no longer subsidize the price gap, previously absorbing a subsidy of N133 per litre. This move marks a significant step towards a fully deregulated oil market, allowing marketers to negotiate prices directly with the refinery under a "willing buyer, willing seller" framework, similar to other deregulated fuels like diesel and kerosene.

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