The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol to N925 per litre in Lagos and N950 per litre in Abuja, following weeks of speculation over fuel price adjustments. This price hike, which took effect on April 2, 2025, marks a significant rise from the previous rates of N860 per litre in Lagos and N880 per litre in the North.
The increase follows a similar move by independent marketers, including MRS, which recently raised petrol prices to N930 per litre in Lagos and N960 per litre in the northern region. Industry experts believe the new price adjustment is linked to the Dangote Refinery’s recent decision to halt sales of petroleum products in naira, a development that has intensified market competition and influenced fuel pricing dynamics.
The price change also comes amid a major restructuring at NNPCL. President Bola Tinubu appointed Bayo Ojulari as the new Group Chief Executive Officer (GCEO) of the national oil company, replacing Mele Kyari. The shake-up also included the reorganization of NNPCL’s board, signaling a shift in leadership at a time of economic challenges.
Reports from various NNPC retail stations across Lagos confirm the new prices. Stations along Lagos-Ibadan Expressway, Ikorodu Road, and College Road have adjusted their pump prices to N925 per litre. Outlets in Ikeja, including those on Acme Road and Lagos-Abeokuta Expressway, have also implemented the new pricing structure. In Abuja, the NNPC station on Kubwa Expressway has raised its price to N950 per litre, matching other outlets in Wuse and neighboring areas.
This adjustment comes after months of fuel price fluctuations. In March 2025, NNPC reduced its pump price to N860 per litre in a bid to compete with lower rates from the Dangote Refinery. However, rising global crude oil prices, exchange rate volatility, and increased sourcing costs have contributed to the latest price hike.
Economic analysts warn that the new fuel prices could impact transportation costs, inflation, and general consumer spending. Many Nigerians have expressed concerns over the affordability of petrol, particularly as household incomes remain strained by inflation and economic hardship.
In December 2024, NNPC had briefly sold petrol at N925 per litre before reducing the price. However, with the recent increase, many motorists and businesses will have to adjust their budgets to accommodate the higher cost of fuel.
As the fuel market continues to evolve, stakeholders are closely watching for further developments, especially regarding government policies on deregulation and petroleum pricing. While the government has not made any official statement on potential subsidies or relief measures, many Nigerians hope for stability in fuel pricing to ease the financial burden on households and businesses.
