The Nigerian National Petroleum Company (NNPC) Limited has increased the price of petrol at its retail outlets in Abuja. The price has gone up from ₦965 to ₦990 per litre, reflecting the rising cost of crude oil in the international market.
Why the Price Went Up
This price hike is linked to global oil market trends. The Minister of Petroleum Resources, Heineken Lokpobiri, recently announced that fuel prices in Nigeria are now fully deregulated. This means the cost of petrol will be determined by international oil prices, just like in other countries.
At the first Petroleum Industry Stakeholders Forum held in Abuja, Lokpobiri explained that the event was created to address challenges in the oil sector and find ways to improve production and supply. He stated:
“The idea is to bring all stakeholders together, resolve issues, and create policies that will help the oil industry grow quickly.”
Current Prices Across Abuja and Beyond
Checks at NNPC stations in Abuja and nearby areas show that the new price of ₦990 per litre has already been implemented. Other stations, including Shema, Bovas, AYM Shafa, and Zamson Oil along the Abuja-Keffi road, are selling petrol at prices between ₦1,000 and ₦1,030 per litre.
The Bigger Picture
With deregulation, petrol prices will continue to rise or fall based on global crude oil costs. This change is part of the government’s efforts to reform the oil sector and ensure a stable fuel supply.