Nigerian Pump Price Increase: How the Spike Affects Lagos and Abuja
Fuel prices in Nigeria have surged, with filling stations in Abuja and Lagos now selling petrol at record highs.
Abuja’s prices have climbed to N1,030 per liter at Nigerian National Petroleum Company Limited (NNPCL) stations, while Lagos sees rates around N998 per liter, and some independent stations in both cities reporting even higher costs.
The increase follows NNPCL’s shift away from its exclusive supply arrangement with Dangote Refinery, moving to a fully deregulated market model where prices are set by market dynamics.
This development has sparked concerns about inflationary pressures on transportation and goods, with many Nigerians expressing frustration about the financial strain this brings to households.