- New Petrol Prices: NNPC increases pump price to N925 in Lagos and N950 in Abuja.
- Market Changes: Hike follows Dangote Refinery’s suspension of naira sales for petroleum products.
- Leadership Shake-up: President Tinubu appoints Bayo Ojulari as new NNPC boss.
- Industry Impact: Price rise influenced by global oil prices, exchange rates, and crude sourcing costs.
The Nigerian National Petroleum Company Limited (NNPC) has increased the pump price of petrol, setting new rates at N925 per litre in Lagos and N950 per litre in Abuja.
The adjustment, effective from April 2, 2025, marks a N65 increase from the previous price of N860 in Lagos and a N70 increase from the N880 rate in Abuja.
This move follows similar price hikes by MRS and other independent marketers, who recently raised fuel prices to N930 per litre in Lagos and N960 in the North.
Why Did NNPC Raise Prices?
Industry experts attribute this price surge to the recent suspension of naira payments for petroleum products by Dangote Refinery. The shift in pricing strategy, along with fluctuations in global oil prices, exchange rates, and crude oil sourcing costs, has impacted the fuel market.
New Leadership at NNPC
The development comes amid major leadership changes at NNPC. President Bola Tinubu appointed Bayo Ojulari as the new Group Chief Executive Officer, replacing Mele Kyari, while also restructuring the NNPC board.
Price Adjustments at NNPC Stations
Our correspondent confirmed that NNPC stations along the Lagos-Ibadan Expressway and Ikorodu Road have adjusted their prices to N925 per litre, though some initially displayed N930 before correcting the price.
Other NNPC outlets in Lagos—Fadeyi, Ago Palace Way, Ogba, Acme Road (Ikeja), and the Lagos-Abeokuta Expressway—have all adopted the new pricing structure. However, logistical delays may affect uniform implementation across all stations.
In Abuja, the NNPC station along Kubwa Expressway and other outlets in Wuse have adjusted prices to N950 per litre, up from N880.
NNPC’s Price History and Market Trends
This price increase follows months of competitive pricing. In March 2025, NNPC lowered its price to N860 per litre to match Dangote Refinery’s rates. However, the combination of rising global crude prices and exchange rate volatility has now led to a return to higher prices.
Notably, NNPC had previously sold petrol at N925 per litre in December 2024 before adjusting rates several times. The current Lagos price of N925 remains lower than in Abuja, where petrol recently stood at N880 per litre.
With these changes, consumers and businesses are bracing for potential economic impacts, as fuel price hikes often lead to higher transportation and commodity costs nationwide.
