Nigeria's NNPC raises fuel price to N1,003 in Abuja, N998 in Lagos

The Nigerian National Petroleum Company (NNPC) has raised petrol prices to N1,030 per litre in Abuja and N998 in Lagos, with independent marketers also crossing the N1,000 threshold.

This follows NNPC ending its exclusive purchasing rights with Dangote Refinery, allowing market forces to dictate fuel prices. NNPC had previously subsidized fuel but deemed it unsustainable.

Additionally, the government has begun selling crude oil to refineries in naira and granted Dangote Refinery exclusive rights to supply jet fuel to airlines.