After initial hesitation, the Nigerian National Petroleum Company Limited (NNPCL) has increased the price of petrol at its retail stations, setting the new rates at N925 per litre in Lagos and N950 per litre in Abuja, effective from April 2, 2025.
This marks a price increase of N65 from the previous rate of N860 per litre in Lagos, and N70 more than the previous N880 per litre in Abuja. The price adjustment follows a similar move by MRS and other independent marketers last week, who raised their prices to N930 per litre in Lagos and N960 per litre in the northern part of the country.
Industry experts have attributed the price hike to several factors, including the recent suspension of petroleum product sales in naira by Dangote Refinery. This move is seen as a direct fallout of that decision, which has further impacted fuel prices across the country.
The latest price hike also reflects ongoing developments in Nigeria’s deregulated fuel market, with rising market competition, supply costs, and fluctuations in global oil prices. Additionally, the price adjustment comes amid changes in leadership at NNPCL. President Bola Tinubu appointed Bayo Ojulari as the new Group Chief Executive Officer (GCEO), replacing Mele Kyari, in the early hours of Wednesday, and also restructured the NNPCL board.
In Lagos, NNPC stations along major routes like the Lagos-Ibadan Expressway and Ikorodu Road have implemented the new price of N925 per litre, after initially displaying N930. Stations in areas like Fadeyi, Ago Palace Way, Ogba, and College Road in Ikeja have also updated their prices to reflect the new rate. However, due to logistical delays, not all NNPC stations in Lagos may have updated their prices immediately.
In the Federal Capital Territory (FCT), the NNPC station on the Kubwa Expressway has raised its price to N950 per litre from N880, with other stations in Wuse following suit.
This price revision follows months of price competition, including a temporary reduction by NNPCL to N860 per litre in March 2025, to match the Dangote Refinery’s pricing. However, rising global oil prices, exchange rate fluctuations, and increased crude oil sourcing costs have forced NNPC to adjust its prices upward.
Earlier in 2025, NNPCL sold petrol at N925 per litre in December 2024, before several price fluctuations occurred. Despite the current price hike, Lagos prices remain lower than in some other cities, such as Abuja, where petrol prices had recently reached N880 per litre.
