By Ayomide Otitoju
The Nigerian National Petroleum Company Limited (NNPC) has increased the pump price of petrol to N925 per litre in Lagos and N950 per litre in Abuja, following initial hesitation.
Effective April 2, 2025, the new pricing represents a N65 increase from the previous N860 per litre in Lagos and a N70 increase from the previous N880 per litre in northern Nigeria.
The adjustment follows similar price hikes by independent marketers such as MRS, which last week raised petrol prices to N930 per litre in Lagos and N960 in northern states.
Industry experts attribute the increase to the Dangote Refinery’s decision to suspend petroleum product sales in naira, alongside fluctuations in global oil prices and exchange rate volatility.
The price shift also coincides with President Bola Tinubu’s restructuring of NNPC’s leadership, appointing Bayo Ojulari as the new CEO, replacing Mele Kyari.
NNPC retail outlets along Lagos-Ibadan Expressway, Ikorodu Road, Fadeyi, Ago Palace Way, Ogba, and College Road have updated their prices to N925 per litre. In Abuja, stations along Kubwa Expressway and Wuse have adjusted to N950 per litre.
The price hike follows months of competition, with NNPC lowering its rates in March 2025 to match Dangote Refinery’s pricing. However, rising crude oil sourcing costs and market dynamics have now pushed prices back up.
While petrol prices continue to fluctuate, Lagos remains one of the more affordable locations compared to Abuja, where rates recently stood at N880 per litre before the latest revision.
