NNPC increases price of petroleum

News Update

THE Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of petrol to N925 per litre in Lagos and N950 per litre in Abuja, marking a significant increase from previous rates.

This adjustment, which took effect on April 2, 2025, represents a N65 hike from the former price of N860 per litre in Lagos and a N70 increase from the previous N880 per litre in the northern region.

The price change follows a recent decision by Dangote Refinery to suspend the sale of petroleum products in naira, prompting market shifts and increased costs in Nigeria’s deregulated fuel sector.

It was gathered that NNPC stations along the Lagos-Ibadan Expressway, Ikorodu Road, Fadeyi, Ago Palace Way, Ogba, Ikeja’s Acme Road, and the Lagos-Abeokuta Expressway have adjusted their prices to N925 per litre.

In Abuja, outlets along the Kubwa Expressway and Wuse are now selling at N950 per litre.

However, not all NNPC stations have implemented the price change simultaneously, with some experiencing logistical delays.

NNPCL’s price adjustment follows months of intense market competition. In March 2025, the company reduced its prices to N860 per litre to compete with Dangote Refinery’s lower rates.

However, rising global oil prices, currency fluctuations, and increasing crude oil sourcing costs have led to a reversal.

Earlier in December 2024, NNPC had previously sold petrol at N925 per litre before making various adjustments.

The price increase coincides with a major leadership reshuffle at NNPCL.

President Bola Tinubu appointed Bayo Ojulari as the new Group Chief Executive Officer (GCEO), replacing Mele Kyari on April 2, 2025.

The board of the national oil company was also restructured as part of the changes.

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Industry experts warn that the new price hike could place additional pressure on consumers and businesses, particularly with ongoing economic challenges and inflation concerns.

Stakeholders have urged the new NNPCL leadership to prioritize transparency in fuel pricing decisions.

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