NNPC increases petrol pump price (See new rate)

The Nigerian National Petroleum Company Limited (NNPCL) has officially raised the pump price of petrol to ₦925 per litre in Lagos and ₦950 per litre in Abuja, effective April 2, 2025.

This represents a ₦65 increase from the previous price of ₦860 per litre in Lagos and a ₦70 hike from the ₦880 per litre previously charged in the Northern region.

This adjustment follows last week’s price hikes by independent marketers, with Lagos prices reaching ₦930 per litre and the North at ₦960 per litre. Analysts attribute the increase to the recent suspension of naira-based petrol sales by Dangote Refinery and shifting dynamics in Nigeria’s deregulated fuel market, driven by supply costs and global oil price fluctuations.

The price change comes amid a leadership shake-up at NNPCL, with President Bola Tinubu appointing Bayo Ojulari as the new Group CEO, replacing Mele Kyari. The restructuring extends to the NNPCL board, signaling a broader reform agenda.

Reports from Punch indicate that at NNPCL stations across Lagos, including locations on the Lagos-Ibadan Expressway and Ikorodu Road, petrol is now priced at ₦925 per litre. Some stations initially displayed ₦930 per litre before adjusting to the official rate. Other outlets, including those in Fadeyi, Ago Palace Way, Ogba, and College Road, have also implemented the new pricing.

In the Federal Capital Territory (FCT), NNPCL stations along Kubwa Expressway and in Wuse have increased their pump price to ₦950 per litre, up from ₦880 per litre.

This latest adjustment follows a period of price competition after NNPCL reduced its petrol price to ₦860 per litre in March 2025 to match Dangote Refinery’s rates. However, rising global oil prices, currency fluctuations, and increased crude oil costs have now led to a price reversal.

Notably, in December 2024, NNPCL had sold petrol at ₦925 per litre before subsequent adjustments in early 2025. Despite the increase, Lagos petrol prices remain lower than in other major cities, such as Abuja, where the previous rate stood at ₦880 per litre.