The Nigerian National Petroleum Company (NNPC) has raised the price of petrol by 16%, making it N998 per liter in Lagos and N1,003 in northeastern states. This is the third time prices have gone up in just two months, after they started buying petrol from Dangote’s oil refinery.
An NNPC spokesperson said the price change is due to current market conditions. Dangote’s refinery, which can process 650,000 barrels of oil per day, aims to stop Nigeria from needing to import gasoline.
The price increase is important because many Nigerian families and small businesses depend on petrol-powered generators since they don’t have easy access to the national electricity grid. This change comes at a time when Nigeria is facing energy problems, with all its state-owned refineries not working.
Aliko Dangote, the head of the Dangote Group, has said Nigeria needs to stop selling its crude oil at low prices. People are hoping that Dangote’s refinery will help solve some of these issues.
