Written by Springnewsng Media Limited | April 4, 2025

The Nigerian National Petroleum Company Limited (NNPCL) has raised the price of petrol to N925 per litre at its filling stations in Lagos and N950 per litre in Abuja, effective from April 2, 2025. This increase marks a rise of N65 from the previous price of N860 per litre in Lagos and N70 more than the N880 per litre in the northern part of the country.

http://MRSThe move comes after a period of holding back, as NNPCL had previously refrained from adjusting fuel prices despite rising global oil prices and domestic market shifts. Independent fuel retailers like MRS had already raised their prices to N930 per litre in Lagos and N960 per litre in northern Nigeria last week, indicating that the price hike was not isolated to NNPCL but part of a broader trend in the Nigerian fuel market.

Factors Behind the Increase

Experts in the oil industry have pointed to several key factors behind the price adjustment. One major reason is the recent decision by the Dangote refinery to stop selling petroleum products in naira. This shift has altered the pricing dynamics, pushing the national oil company to adjust its prices in response. The increase also reflects broader changes in Nigeria’s free-market fuel system, which is heavily influenced by global oil prices, exchange rate fluctuations, and rising costs of crude oil.

Additionally, the new pricing structure comes amid significant leadership changes at NNPCL. On April 2, 2025, President Bola Tinubu appointed Mr. Bayo Ojulari as the new CEO of NNPCL, replacing Mele Kyari. Alongside this change, several members of the NNPCL board were replaced. Industry insiders believe that these leadership shifts could signal new directions for the company, especially in light of the ongoing fuel price adjustments and the evolving challenges in the oil sector.

Price Changes Across Lagos and Abuja

In Lagos, stations located along major routes like the Lagos-Ibadan Expressway, Ikorodu Road, and Acme Road have updated their petrol prices to N925 per litre. Initially, some stations had displayed prices as high as N930 per litre, but adjustments were made shortly after. Other stations located in areas such as Fadeyi, Ago Palace Way, Ogba, and College Road have also changed their prices to N925 per litre.

In Abuja, the price of petrol has increased even further, with NNPCL stations on the Kubwa Expressway now charging N950 per litre. Other stations in the Wuse area have followed suit, raising prices to the same level. However, due to logistical delays, not all NNPCL stations in Lagos and Abuja have updated their prices at the same time, causing some inconsistency in the fuel prices across the cities.

The Bigger Picture

This price increase is not an isolated incident. In March 2025, NNPCL had lowered its price to N860 per litre to match the reduced rates set by the Dangote refinery. However, due to the rising global oil prices, higher crude oil costs, and changes in exchange rates, NNPCL has now been forced to raise its prices again.

Earlier in 2025, NNPCL had sold petrol at N925 per litre before a series of price fluctuations occurred. Despite the current price increase, petrol in Lagos remains cheaper than in other parts of the country, such as Abuja, where prices had recently risen to N880 per litre.

Leadership Changes and Future Prospects

The timing of this price increase coincides with the appointment of Mr. Bayo Ojulari as the new CEO of NNPCL, following the departure of Mele Kyari. This leadership change has generated considerable interest in the future direction of the company, especially regarding its response to fluctuating fuel prices and growing competition in the market.

As Nigeria continues to navigate the complexities of its oil sector, the latest price adjustment suggests that the days of relatively stable petrol prices may be over. Rising global oil prices, changing market dynamics, and the government’s evolving approach to oil sector management all point to a more unpredictable future for fuel pricing in the country.

While the new prices reflect global trends, they also highlight the growing challenges faced by the Nigerian government in managing its oil resources and ensuring that citizens are not unduly burdened by fluctuations in fuel prices. The coming months will likely see further adjustments and developments as Nigeria adapts to a shifting global energy market.