Fuel price hits N1,025 per liter in Lagos

The rise has led to renewed concerns over Nigeria’s reliance on imported fuel, even as Aliko Dangote, president of Dangote Group, pushes for a shift to local refining.

Fuel prices in Lagos have surged again, rising from N998 to N1,025 per liter at NNPC Limited (NNPCL) stations, according to a Channels Television report.

Independent fuel stations reportedly sold fuel for as much as N1,100 per liter, placing additional strain on Lagos residents already coping with high costs.

The rise has led to renewed concerns over Nigeria’s reliance on imported fuel, even as Aliko Dangote, president of Dangote Group, pushes for a shift to local refining. During a recent meeting with President Bola Tinubu, Dangote encouraged NNPCL and private marketers to buy from his new refinery in Ibeju-Lekki rather than importing, suggesting this could stabilize prices and ease shortages. “If they come and collect, then you will not see any queues in the filling stations,” he stated.

The Dangote Refinery, with a capacity of 650,000 barrels per day, is designed to meet Nigeria’s fuel demands and reduce dependency on imports. According to industry analysts, local sourcing could lower…