The Nigerian National Petroleum Company (NNPCL) has increased the pump price of petrol to N855 per litre at its retail stations and N897 per litre at stations owned by independent marketers.

The hike represents a 37% increase from N620 and N630, approved last year.

The increase has yet to be officially confirmed by the NNPC, as Legit.ng calls to the NNPC spokesman went unanswered, and he did not reply to messages seeking clarification on the issue.

Minister suggest new petrol price

However, Leadership reports that some NNPC retail stations have already begun selling the product at N855 per litre in some parts of Lagos.

A viral video shows an NNPC retail station displaying petrol prices at N855 per litre.

This development follows a report that the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, suggested to the NNPC that the product's price be increased above N1,000 per litre to curb smuggling.

Lokpobiri said the national oil firm needed to increase petrol above the landing cost as the current price of N650 per litre encourages smuggling. This development follows Aliko Dangote, chairman of the Dangote Group, unveiling Dangote petrol to the general public.

Dangote unveils petrol from refinery

Showcasing a sample of the product in a white plastic bottle today, Dangote said the commencement of sale of the product would save Nigeria over 40 per cent of the foreign exchange currently spent.

According to him, the company will start selling polymer products next month. It is learnt that NNPC Limited (NNPCL) will be the initial purchaser of Dangote’s products. Its officials are already stationed at the Lagos petrochemical plant to take delivery.

As Dangote Refinery rolls out premium motor spirit (petrol) today from its 650000 barrels per day capacity facility, Chairman of Dangote Group. Aliko Dangote has told the world that petroleum products from the refinery are now ready for the market.

NNPC to be the sole buyer of Dangote petrol

NNPC is expected to be the exclusive buyer of Dangote’s products due to its current challenges in meeting international debt obligations to global oil traders.

The rollout of petrol by Dangote Refinery marks a historic milestone in Nigeria’s oil and gas sector.

The country, which has long relied on petrol imports, is taking a significant step towards self-sufficiency.

With a production capacity that meets domestic demand and allows for exports to neighbouring countries, Dangote Refinery is poised to end Nigeria’s dependence on imported petrol.