The Nigerian National Petroleum Company Limited has officially raised the pump price of Premium Motor Spirit to ₦925 per litre in Lagos and ₦950 per litre in Abuja, following a period of uncertainty.
This increase reflects the ongoing impact of foreign exchange fluctuations and rising global crude oil prices on Nigeria’s deregulated fuel market.
Effective from April 2, 2025, the new fuel price regime has seen the cost of petrol surge by ₦65 per litre in Lagos, rising from the previous ₦860. In Abuja and other northern regions, the price has increased by ₦70 per litre, up from ₦880.
This price hike follows a recent upward adjustment by MRS and other independent marketers, who had set the pump price at ₦930 per litre in Lagos and ₦960 per litre in the North last week.
Industry experts attribute this latest increase to the recent suspension of petroleum product sales in naira by the Dangote refinery. The halt in local currency transactions has heightened market pressure, leading to a spike in pump prices.
Additionally, the leadership change at NNPCL appears to coincide with the price adjustment. Early Wednesday, President Bola Tinubu appointed Mr. Bayo Ojulari as the new Group Chief Executive Officer of NNPCL, replacing Mele Kyari. The president also restructured the NNPCL board, signaling a new direction for the national oil company.
Reports indicate that NNPCL retail stations along the Lagos-Ibadan Expressway and Ikorodu Road now sell petrol at ₦925 per litre, after initially displaying ₦930 per litre. The NNPCL outlets at Fadeyi, Ago Palace Way, and Ogba, as well as the station on College Road, have all adjusted their prices to the new rate.
Similarly, stations in Ikeja, including those on Acme Road and the Lagos-Abeokuta Expressway, have raised their pump prices to ₦925 per litre. In the Federal Capital Territory, the NNPCL station on the Kubwa Expressway now sells at ₦950 per litre, while other outlets in the Wuse area have also implemented the same price hike.
This recent adjustment follows months of fierce price competition among marketers. In March 2025, NNPCL had lowered its price to ₦860 per litre in response to Dangote Refinery’s more competitive rates. However, with Dangote’s suspension of naira sales, the market dynamics have shifted, prompting the current upward revision.
The NNPCL’s decision to increase fuel prices is expected to have a ripple effect on the cost of transportation and goods, as citizens brace for the economic implications.
