Reports have emerged of a significant increase in petrol prices in Lagos and its surrounding areas, with prices ranging from N930 to N970 per litre, a substantial jump from the previous price of N865 per litre.¹ This price hike was implemented on Saturday evening, with attendants at some filling stations confirming that they had sold petrol at the lower price earlier in the day before receiving instructions to increase the price.
The AP filling station on Admiralty Road in Lekki Phase 1 was spotted selling petrol at N930 per litre, while other retail outlets in Lagos were selling at prices between N930 and N935 per litre. Meanwhile, retail stations in Abuja and Magboro, Ogun State, were selling petrol at even higher prices, ranging from N960 to N970 per litre .
This price increase is reportedly linked to the recent announcement by Dangote Refinery that it would stop supplying petrol in naira due to the suspension of the naira for crude by the NNPC. The refinery cited the need to avoid a mismatch between its sales proceeds and crude oil purchase obligations, which are denominated in US dollars.
However, the NNPC has denied halting the naira for crude, explaining that the contract for the sale of crude oil in naira was a six-month agreement that expired at the end of March 2025. The NNPC’s Group Chief Corporate Communications Officer, Olufemi Soneye, stated that discussions are ongoing to renew the Naira-for-Crude arrangement.
Oil marketers have rejected the decision by Dangote Refinery to sell refined petroleum products in dollars, warning that it will hurt the economy, bring undue pressure, and worsen inflationary pressure. The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, urged the Federal Government not to allow the sale of fuel in dollars to Nigerian marketers.
