NNPCL Petrol Price Hike Announced
The NNPCL petrol price hike has officially taken effect, with new pump prices set at ₦925 per litre in Lagos and ₦950 per litre in Abuja from April 2, 2025. This marks an increase of ₦65 and ₦70 per litre in Lagos and Abuja, respectively.
Influence from Independent Marketers
Prior to the official NNPCL petrol price hike, independent marketers like MRS had already raised their petrol prices. Prices from these marketers reached ₦930 per litre in Lagos and ₦960 per litre in northern Nigeria. Experts link these increases to Dangote Refinery’s recent suspension of petrol sales in naira.
Leadership and Market Factors
This NNPCL petrol price hike aligns with changes driven by global oil price volatility, rising crude sourcing costs, and intense competition. Additionally, the recent appointment of Bayo Ojulari as the new Group CEO of NNPCL, replacing Mele Kyari, included significant organizational restructuring.
Key Points:
Lagos: ₦925 per litre; Abuja: ₦950 per litre
Dangote Refinery’s naira suspension drives increases
Bayo Ojulari is the new NNPCL CEO
Global oil market volatility influences hike
Impact in Lagos and Abuja
Petrol stations across Lagos, notably along the Lagos-Ibadan Expressway and Ikorodu Road, have implemented the new ₦925 per litre rate. Stations in Abuja, including those along Kubwa Expressway and within the Wuse district, have also adopted the increased rate of ₦950 per litre.
Recent Pricing History
In March 2025, NNPCL temporarily reduced petrol prices to ₦860 per litre to compete with Dangote Refinery’s lower rates. However, due to increased global oil prices and currency fluctuations, NNPCL reverted to higher petrol prices.
Economic Implications
Nigerians face increased economic pressure from the NNPCL petrol price hike. Higher petrol costs are expected to lead to increases in transportation expenses, prices of goods, and inflation rates nationwide.