NNPCL raises Petrol pump prices per litre at its retail stations
NNPCL raises Petrol pump prices per litre at its retail stations
In a move signaling further changes in Nigeria’s deregulated fuel market, the Nigerian National Petroleum Company Limited (NNPCL) has raised the price of petrol at its retail stations, changing the pump price to N925 per litre in Lagos and N950 per litre in Abuja.
The new prices, effective from April 2, 2025, represent an increase of N65 in Lagos, where petrol was previously sold for N860, and a N70 hike in Abuja, where the former price was N880.
This price adjustment follows a similar move last week by MRS and other independent marketers, who set the price at N930 per litre in Lagos and N960 in the north, in response to shifting market conditions.
Industry experts have pointed to the suspension of naira-based fuel sales by the Dangote refinery as a key catalyst for this latest increase, as it directly impacts supply and pricing.
The rise in prices is indicative of the ongoing adjustments in Nigeria’s fuel market, shaped by factors such as global oil price trends, the devaluation of the naira, and increased sourcing costs for crude oil.
The announcement also comes on the heels of a leadership change at NNPCL. President Bola Tinubu appointed Mr. Bayo Ojulari as the new CEO, succeeding Mele Kyari, and restructured the company’s board in a bid to drive efficiency.
At NNPCL retail stations in Lagos, including along the Lagos-Ibadan Expressway and Ikorodu Road, the price has been adjusted to N925 per litre. Initially, some stations displayed N930, but this was later corrected.
Other locations like Fadeyi, Ago Palace Way, Ogba, and College Road now feature the updated price of N925, while some stations in Ikeja, including those on Acme Road and the Lagos-Abeokuta Expressway, have also followed suit.
In Abuja, the national oil company has implemented the price hike across its stations, including those along the Kubwa Expressway and in Wuse, where the price has risen to N950 per litre.
While the price hikes come after months of fluctuating prices—NNPCL had reduced prices to N860 per litre in March 2025 to align with the Dangote Refinery’s lower rates—global factors like oil price increases and exchange rate instability have pushed NNPCL to revise the price once again.
Earlier in December 2024, NNPCL’s price stood at N925 per litre, which was lower than in some parts of the country, such as Abuja, where prices had risen to N880 per litre.
