The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol to ₦925 per litre in Lagos and ₦950 per litre in Abuja, following initial hesitation.
The new prices, which took effect on Wednesday, April 2, 2025, mark a ₦65 increase from the previous ₦860 per litre in Lagos and a ₦70 jump from the ₦880 previously sold in the North.
Last week, independent marketers, including MRS, raised petrol prices to ₦930 per litre in Lagos and ₦960 in the North, sparking concerns over rising costs.
Industry experts attribute the hike to the recent suspension of naira payments for petroleum products by Dangote Refinery, which has reshaped competition in Nigeria’s deregulated fuel market.
The price adjustment also comes amid leadership changes at NNPCL, with President Bola Tinubu appointing Bayo Ojulari as the new Group Chief Executive Officer, replacing Mele Kyari.
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A survey of NNPCL stations revealed the new prices had already taken effect in key locations. Outlets along the Lagos-Ibadan Expressway, Ikorodu Road, and Fadeyi have adjusted their rates to ₦925. Some stations initially displayed ₦930 before settling on the new official price.
In Abuja, NNPCL’s station on Kubwa Expressway raised its pump price to ₦950, with stations in Wuse also reflecting the same increase.
This marks another shift in Nigeria’s volatile fuel pricing. In March, NNPCL had lowered prices to ₦860 per litre to compete with Dangote Refinery’s reduced rates.
However, with global oil prices rising, exchange rate fluctuations, and sourcing costs increasing, the national oil firm has now adjusted prices upward once again.