The Nigerian National Petroleum Company Limited (NNPC), the state-owned oil firm, has increased the pump price of petrol at its retail stations, following initial hesitation. The new prices are now N925 per litre in Lagos and N950 per litre in the capital, Abuja.
The price hike, which took effect on April 2nd, 2025, represents a N65 increase from the previous price of N860 per litre in Lagos, and a N70 rise compared to the N880 per litre previously charged in the north of the country.
This development comes after other marketers, including MRS, had already raised their prices last week, pushing petrol to N930 per litre in Lagos and N960 in northern Nigeria.
Industry experts suggest that the latest increase by NNPC is a direct consequence of the recent decision by the Dangote refinery to suspend the sale of petroleum products in the Nigerian currency, the naira.
The price adjustment reflects the ongoing dynamics of Nigeria’s deregulated fuel market, influenced by factors such as market competition, supply costs, and trends in global oil prices.
The announcement also coincides with a change in leadership at NNPC. Earlier on Wednesday, President Bola Tinubu appointed Bayo Ojulari as the new Group Chief Executive Officer, replacing Mele Kyari, and also restructured the company’s board.
Local reports indicate that NNPC stations along major routes like the Lagos-Ibadan Expressway and Ikorodu Road are now selling petrol at N925 per litre, having initially displayed a price of N930. Similarly, NNPC outlets in areas like Fadeyi, Ago Palace Way, Ogba, and College Road in Lagos have adjusted their prices to N925. Stations on Acme Road and the Lagos-Abeokuta Expressway in Ikeja have also implemented the new rate.
However, it’s understood that not all NNPC stations in Lagos may have updated their prices simultaneously due to logistical reasons.
In Abuja, NNPC stations, including one located along the Kubwa expressway, have increased their prices to N950 per litre, up from N880. Other stations in the Wuse area have also effected the same increase.
This price adjustment follows a period of price competition in March 2025, when NNPC lowered its price to N860 per litre to match the lower rates offered by the Dangote Refinery. However, the current increase is attributed to rising global oil prices, fluctuations in exchange rates, and changes in the cost of sourcing crude oil.
It’s worth noting that NNPC had previously sold petrol at N925 per litre in December 2024 before a series of price changes. Despite the latest increase, the current price in Lagos remains lower than in some other cities like Abuja, where prices had recently been at N880 per litre.
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