The Nigerian National Petroleum Company Limited has raised the pump price of petrol to N950 per litre in Abuja and N925 per litre in Lagos as supply costs and market dynamics continue to influence domestic fuel prices.
The adjustment took effect on April 2, 2025, after several weeks of price competition among fuel marketers and persistent pressure from exchange rate movements and crude oil price increases.
The latest change reflects NNPC’s effort to align retail prices with current market realities.
The price hike marks a N65 increase in Lagos and N70 in Abuja when compared to the previous pump prices of N860 and N880 per litre respectively.
Filling stations operated by NNPC across Lagos, including outlets along the Lagos-Ibadan Expressway, Ogba, Ikeja, and other key locations have started selling at the new rate.
In Abuja, several NNPC stations including those on Kubwa expressway and Wuse have also implemented the new pricing.
Industry operators have attributed the increase to changes in the domestic fuel supply chain following Dangote Refinery’s recent decision to suspend the sale of petrol in naira. The move by Dangote forced market players to adjust prices as the cost of sourcing petrol rose.
Before the latest development, independent marketers had already adjusted their pump prices to between N930 and N960 per litre depending on the region. NNPC’s latest move signals a formal market adjustment under the deregulated fuel pricing framework.
The price increase also comes days after the appointment of Mr Bayo Ojulari as the new Group Chief Executive Officer of NNPC Limited.
The appointment is part of a broader effort by the Federal Government to reposition the company and improve efficiency following recent challenges in the sector.
The adjustment is expected to intensify inflationary pressures as transport operators and businesses factor the new pump price into operational costs.
Market analysts have warned that the new price may result in additional upward adjustments if global oil prices and foreign exchange conditions continue on their current path.
Petrol prices in Nigeria have fluctuated since the deregulation of the downstream sector and the removal of subsidies.
The latest development shows the direct impact of market-driven pricing on consumers, particularly at a time when Nigerians are already contending with rising living costs.
