By Joke Kujenya
THE NIGERIAN National Petroleum Company (NNPC) Limited announced it has increased the price of petrol to N950 per litre in Abuja, up from N880, and to N925 per litre in Lagos, from N860, effective April 2, 2025.
The price hikes follow rising global oil prices, fluctuations in the exchange rate, and adjustments in the crude oil sourcing costs.
The national oil company’s latest pricing revision reflects the challenges and ongoing changes within Nigeria’s deregulated fuel market.
This new price adjustment comes in the wake of significant developments, including the Dangote refinery’s suspension of naira-for-crude deals.
On March 19, the refinery temporarily halted sales of petroleum products in naira, citing the need to avoid a mismatch between sales proceeds and crude oil obligations, which are currently denominated in U.S. dollars.
As a result, the NNPC has raised fuel prices, with independent marketers like MRS also increasing their rates.
The increase occurred just a day after President Bola Tinubu reconstituted the NNPC board, appointing Mr Bayo Ojulari to replace Mele Kyari.
It marks a significant shift in the company’s direction under new leadership, with market competition, supply costs, and global oil trends all contributing to the adjustments.
In Lagos, the price changes were observed at several NNPC retail stations, including along the Lagos-Ibadan Expressway and Ikorodu Road, where prices rose to N925.
Stations at Fadeyi, Ago Palace Way, Ogba, and College Road in Ikeja also updated their prices to match the new rate. In Abuja, stations along the Kubwa Expressway and Wuse raised their prices by N70 per litre, aligning with the recent increase.
While these increases come amidst global market pressures, NNPC had previously reduced prices in March to N860 per litre to match Dangote’s refinery.
