The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of petrol, increasing it to N925 per litre at its retail stations in Lagos and N950 per litre in Abuja.
This adjustment, which came into effect on April 2, 2025, marks a significant rise from the previous prices of N860 per litre in Lagos and N880 in the northern capital.
The latest hike represents an increase of N65 per litre in Lagos and N70 per litre in Abuja. This change follows last week’s price surge by independent marketers, including MRS, who raised their pump prices to N930 per litre in Lagos and N960 in the northern regions.
Industry experts have linked the recent price adjustments to the suspension of petrol sales in naira by the Dangote refinery, a move that has disrupted the market dynamics.
The price rise is also a reflection of the evolving nature of Nigeria’s deregulated fuel market, which is influenced by a range of factors including competition, supply costs, and fluctuations in global oil prices.
Experts indicate that the NNPCL’s new pricing structure comes amid increasing challenges related to crude oil sourcing and exchange rate volatility.
Leadership change at NNPCL
The fuel price hike comes shortly after significant leadership changes at the national oil firm. In the early hours of Wednesday, April 2, President Bola Tinubu appointed Mr. Bayo Ojulari as the new Group Chief Executive Officer (GCEO) of NNPCL, replacing Mele Kyari. Alongside this appointment, the NNPCL board was also restructured.
As part of the price adjustments, our correspondent noted that several NNPCL stations along key routes in Lagos, including the Lagos-Ibadan Expressway and Ikorodu Road, have now raised their prices to N925 per litre, down from an initial display of N930.
Other stations in Lagos such as those at Fadeyi, Ago Palace Way, Ogba, and College Road have also reflected the new prices. Some outlets, particularly in Ikeja and along major expressways, have followed suit, though not all NNPCL stations in Lagos had updated their prices immediately due to logistical delays.
In Abuja, the price change has been implemented at stations such as those along the Kubwa Expressway, where the price has risen to N950 from N880 per litre. Other stations in the Wuse area have also adjusted their prices accordingly.
A history of price shifts
The NNPCL’s latest move follows a period of price competition. In March 2025, the corporation reduced its petrol price to N860 per litre in response to lower rates from the Dangote Refinery.
However, the rising cost of crude oil and the depreciation of the naira have led to increased pressure on petrol prices, prompting the latest upward revision.
Earlier in December 2024, NNPCL had set its pump price at N925 per litre before making several subsequent price adjustments. Despite this latest increase, the price of petrol in Lagos remains lower than in some other cities, with Abuja’s prices now standing at N950 per litre compared to Lagos’ current rate of N925.
This latest price adjustment adds to the growing cost burden faced by consumers, with many Nigerians expressing concern over the ongoing rise in fuel prices.
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