The Nigerian National Petroleum Company Limited has raised the pump price of petrol to N925 per litre in Lagos and N950 in Abuja, effective April 2, 2025. This marks an increase of N65 from the previous N860 per litre in Lagos and N70 from the N880 per litre previously sold in the North.
The adjustment follows a recent move by MRS and other independent marketers, who last week increased petrol prices to N930 per litre in Lagos and N960 in northern states. Industry analysts link the hike to the suspension of naira payments for petroleum products by Dangote Refinery, as well as ongoing changes in the deregulated fuel market, global oil price fluctuations, and supply costs.
The price increase also coincides with a leadership shakeup at NNPCL, with President Bola Tinubu appointing Bayo Ojulari to replace Mele Kyari and restructuring the company’s board.
Checks at NNPC stations confirm the new prices are already in effect at locations along the Lagos-Ibadan Expressway, Ikorodu Road, Fadeyi, Ago Palace Way, Ogba, College Road, Acme Road, and the Lagos-Abeokuta Expressway. In Abuja, the adjustment has been implemented at stations along the Kubwa Expressway and Wuse. However, some NNPC outlets in Lagos may face delays in updating their prices.
This price revision follows months of market competition. In March, NNPC reduced its price to N860 per litre to compete with Dangote Refinery’s lower rates. However, rising global oil prices, exchange rate instability, and increased crude sourcing costs have now led to another upward adjustment.
Earlier in December 2024, NNPC had set its price at N925 per litre before making multiple revisions. Despite the latest increase, petrol in Lagos remains cheaper than in some cities like Abuja, where it recently sold at N880 per litre.
