After initial hesitation, the Nigerian National Petroleum Company Limited (NNPCL) has raised petrol pump prices, setting new rates at N925 per litre in Lagos and N950 per litre in Abuja, effective April 2, 2025.
This price surge—an increase of up to N70 per litre comes on the heels of independent marketers, such as MRS, raising prices last week. The shift is largely attributed to the Dangote Refinery’s suspension of naira-based fuel sales, as well as fluctuations in global oil prices and exchange rates.
Read also,
- Inside Renny Foods’ Journey From Food Truck Breakthrough to Lagos Expansion
- Shettima unveils new funding, tech opportunities
- Warren Buffett’s quietly builds a $75 billion bet on AI giants
- Osun unveils digital city, tech festival, power reforms to boost innovation
- APPLY NOW: Medical Sales Representative
The hike also coincides with a leadership shake-up at NNPCL, with Bayo Ojulari replacing Mele Kyari as Group CEO. While some Lagos outlets have already adjusted their prices, others are still in transition due to logistical challenges.
Just last month, NNPCL lowered its petrol price to N860 per litre to remain competitive with Dangote Refinery. However, with rising crude costs, the state-owned oil giant has now reversed course—sparking fresh concerns over fuel affordability in Nigeria’s deregulated market.
