Petrol price increase Nigeria hits consumers as NNPC raises pump prices to N925 in Lagos and N950 in Abuja, reflecting market volatility

[dropcap]T[/dropcap]he Nigerian National Petroleum Company Limited (NNPC) has increased petrol pump prices across its retail stations, marking a significant shift in the nation’s deregulated fuel market.

Also read: NNPC’s crude sales reach $21.5 billion amid crippling domestic supply shortages

In Lagos, prices have risen to N925 per litre, while in Abuja, consumers now face N950 per litre. This adjustment, effective from April 2, 2025, follows closely on the heels of similar increases by independent marketers, including MRS, who had already pushed prices to N930 in Lagos and N960 in the North.

This move by NNPC represents an increase of N65 from the previous price of N860 per litre in Lagos and a N70 jump from the N880 previously seen in the northern regions.

Industry experts attribute this price surge to several factors, notably the recent suspension of naira-denominated sales by the Dangote Refinery. This change has had a direct impact on pricing structures across the sector.

The new price regime reflects the dynamic nature of Nigeria’s fuel market, which is influenced by global oil price trends, supply costs, and market competition.

Notably, this development coincides with a leadership change at NNPC. President Bola Tinubu recently appointed Mr. Bayo Ojulari as the new Group Chief Executive Officer, replacing Mele Kyari, and also restructured the NNPC board.

This leadership transition is expected to bring new strategies and operational adjustments to the national oil firm.

Our correspondent has confirmed that NNPC retail stations along key routes such as the Lagos-Ibadan Expressway and Ikorodu Road have implemented the new N925 per litre price. Initially, some stations displayed N930, but quickly adjusted to the announced rate.

Similarly, stations in Fadeyi, Ago Palace Way, Ogba, College Road, Acme Road, and the Lagos-Abeokuta Expressway have all aligned with the new pricing.

However, logistical delays have meant that not all NNPC stations in Lagos have updated their prices simultaneously.

In the Federal Capital Territory, Abuja, NNPC stations, including those along the Kubwa expressway and in Wuse, have increased prices to N950 per litre, up from N880.

This adjustment follows a period of price competition in March 2025, when NNPC lowered prices to N860 per litre to match Dangote Refinery’s rates.

However, rising global oil prices, exchange rate fluctuations, and increased crude oil sourcing costs have necessitated the current upward revision.

It is worth noting that NNPC had previously sold petrol at N925 per litre in December 2024, indicating the volatility of the market.

Also read: NNPC denies claims of importing 200 million litres of petrol

While the current price in Lagos is lower than in some other cities, like Abuja, the overall trend points to increasing fuel costs for Nigerian consumers.