The Nigerian National Petroleum Company Limited (NNPCL) has implemented a fresh hike in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, bringing it to N925 per litre in Lagos and N950 per litre in Abuja.
This adjustment, which took effect on April 2, 2025, follows earlier speculation about imminent price changes due to shifts in market dynamics and industry-wide supply challenges.
The increase marks a notable rise from previous rates, where petrol was sold at N860 per litre in Lagos and N880 per litre in Abuja and other northern states. The adjustment reflects a N65 and N70 increment in Lagos and Abuja, respectively.
Independent Marketers Set the Pace
Before NNPC’s price update, independent marketers such as MRS had already adjusted their petrol rates, selling at N930 per litre in Lagos and N960 in northern regions. This move signaled an upward trajectory in pricing, influencing the national oil company’s latest pricing structure.
Industry analysts attribute this surge to the recent suspension of naira payments for crude oil by Dangote Refinery, a major supplier in the domestic market. The refinery’s shift to dollar-based transactions has introduced foreign exchange pressures, exacerbating fuel pricing issues.
Additionally, fluctuations in global crude oil prices, ongoing foreign exchange instability, and logistics costs continue to drive petrol prices higher.
NNPCL’s Strategic Price Adjustment
A survey conducted by our correspondent confirms that NNPC retail stations along the Lagos-Ibadan Expressway, Ikorodu Road, Fadeyi, Ago Palace Way, and Ogba have aligned with the new pricing structure, retailing petrol at N925 per litre.
Similarly, in Abuja, NNPC’s stations, including those on Kubwa Expressway and Wuse, have raised their prices to N950 per litre. However, reports indicate that some outlets are still in the process of updating their price displays due to logistical constraints.
The latest revision also coincides with major leadership changes at NNPCL. President Bola Tinubu recently appointed Bayo Ojulari as the new head of the state-owned corporation, replacing Mele Kyari. Furthermore, the NNPCL board has been restructured, signaling a potential shift in policy direction.
Recurring Price Adjustments in a Deregulated Market
This isn’t the first time NNPCL has adjusted prices in response to market forces. In March 2025, the company had lowered its petrol price to N860 per litre, aligning with Dangote Refinery’s competitive pricing. However, the latest surge suggests that earlier reductions were unsustainable given global crude price increases, exchange rate fluctuations, and shifting crude supply costs.
At the close of 2024, NNPC had previously pegged fuel prices at N925 per litre, before making subsequent adjustments. Despite the current hike, petrol prices in Lagos still remain lower than in some northern cities, where transportation and supply chain constraints contribute to higher costs.
Public Reactions and Market Outlook
The latest price increase has sparked mixed reactions from consumers and industry stakeholders. Many motorists and businesses have expressed concerns over the rising cost of living, as transportation expenses are expected to soar. Independent marketers have warned that further exchange rate depreciation or global oil price hikes could push retail prices even higher in the coming months.
While the federal government has maintained that fuel subsidy removal was necessary for economic stability, Nigerians continue to feel the strain of higher energy costs, prompting calls for long-term solutions such as local refining expansion, improved forex policies, and enhanced fuel distribution infrastructure.
As the country navigates its deregulated fuel market, all eyes remain on NNPC, independent marketers, and global oil trends to determine the next phase of pricing adjustments.
