Audio By Carbonatix
Nigerian state oil firm NNPC Ltd on Monday increased the price of petrol by 11%, the second increase in two weeks and a day after it started purchasing the fuel from the giant Dangote oil refinery on the outskirts of Lagos.
Nigeria expects the 650,000 barrels per day refinery to end years of imports of gasoline, which had been subsidised for decades until President Bola Tinubu began removing support when he took office in May last year.
The price of gasoline is a sensitive issue in Nigeria because many households and small businesses use it to power generators because the majority of citizens are not connected to the national electricity grid.
On Monday, NNPC said it had increased gasoline prices from 858 naira ($0.53) a litre to 950 naira in Lagos and as high as 1,019 naira in northeastern states. It said it buys the product at 898 naira per litre from the refinery.
NNPC said it had started buying the fuel from Dangote on Sunday in U.S. dollars and that a deal to purchase gasoline in the local naira currency was still to take effect.
The latest increase is likely to add to public anger as Nigerians are already struggling with inflation of 33.4%, which has driven up transport costs and caused a cost of living crisis that led to violent protests in early August.
On Friday, a Nigerian presidential committee announced that NNPC would distribute gasoline from the $20 billion Dangote refinery to the local market, ending a deadlock that had stalled distribution.
From October NNPC will supply 385,000 barrels of crude per day to be paid for in naira by Dangote refinery, which will in turn sell its fuel in the local currency.
Latest Stories
-
GoldBod credited with major formalisation of small-scale gold exports
5 minutes -
WPL 2025/26: Ampem Darkoa Ladies stay top at the end of first round
5 minutes -
IPGs confirm payment of legacy power debts, commend government for clearing arrears
19 minutes -
WPL 2025/26: Army Ladies end first round in first position in Southern Zone
21 minutes -
GoldBod reduces Ghana’s debt service burden and import costs – Report
36 minutes -
We have prevented labour crises and upskilled workers for green jobs – Labour Minister
38 minutes -
Ethiopia launches construction of largest airport in Africa
51 minutes -
Commercial banks begin Interest rate cuts following Ghana Reference Rate reduction
52 minutes -
Sogakope gets major tourism and transport boost with opening of Royal Shekinah City
58 minutes -
One killed, 37 injured in Suhum–Mankrong highway crash
1 hour -
Five best young players at AFCON 2025
1 hour -
The creatives we need: Disruptors and revolutionaries
1 hour -
GoldBod formalisation yields $3.8bn in FX, far outweighs BoG losses – Report
1 hour -
Bank of Ghana relieved of gold trading burden by GoldBod
1 hour -
Agricultural Value Chains and Export Competitiveness: Transforming Ghana Beyond Cocoa
2 hours
