The Nigerian National Petroleum Company (NNPC) recently raised fuel prices in response to shifting market dynamics, following the end of government fuel subsidies. In Abuja, the cost of petrol has now surged to N1,030 per liter, while in Lagos, it’s reached N998. This adjustment comes after the NNPC announced its move to buy crude oil from the Dangote Refinery at market rates, passing the cost on to consumers as the NNPC can no longer afford to absorb subsidies due to financial strain.

The NNPC’s new strategy also involves selling crude oil in naira, and this pricing shift has led many independent fuel stations to cross the N1,000 per liter threshold, further impacting consumers. This is part of a broader policy shift to deregulate the fuel market fully, aimed at aligning with global prices and improving the long-term financial sustainability of the energy sector in Nigeria.