NNPC Releases New Petrol Price List for Lagos, Abuja, Other States
- The Nigerian National Petroleum Company Limited (NNPC) has adjusted its petrol prices to N925 in Lagos and N950 in the North
- The price adjustment is N60 above its N860 per litre in Lagos and N70 more than the N880 it sold the product in the North
- Findings show that NNPC retail outlets have quickly adjusted their pump prices to reflect the new price adjustment
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
After a long delay, the Nigerian National Petroleum Company Limited (NNPC) has increased the pump price of petrol to N925 per litre at its retail stations in Lagos and N950 in Abuja.
The new prices became effective April 2, 2025, and represent an increase of N65 from N860 per litre in Lagos, N70 above the N880 in the North.
Source: Getty Images
Analysts explain reason for new prices
Legit.ng earlier reported that MRS and other independent petrol dealers had already hiked their petrol prices to N930 per litre in Lagos and N960 in the North.
Energy policy analysts have disclosed that the increase is connected to the Dangote Refinery’s halt in selling petrol in naira to marketers.
However, others say that the new price is due to the rising cost of crude oil in the international market.
A previous report by Legit.ng disclosed that the price of crude rose to $73.73 last week amid President Donald Trump's call for the Organisation of Petroleum Exporting Countries (OPEC) to raise prices and cut production.
Adeola Yusuf, Team Lead at Platforms Africa, said the increase in petroleum product prices was not just due to Dangote Refinery’s change in dynamics but a global phenomenon.
“Crude prices are rising due to several factors such as the tensions in the Middle East, the US call for more sanctions on Iran, sanctions against Russia and other variables.
Petroleum product prices are highly susceptible to crude price fluctuations in the international market. However, Nigerians would have been spared a little if the naira-for-crude deal between the NNPC and domestic refineries had continued,” he said.
While speaking exclusively with Legit.ng, Wale Ogundeji, an energy analyst, agrees with Yusuf. He insisted that even though the price rise may increase government revenue, the impact will result in higher petrol prices for citizens.
He said:
"The rise in global crude oil prices has significantly impacted the price of petrol in Nigeria, exacerbating economic hardship for citizens. Since Nigeria imports refined petroleum due to inadequate local refining capacity, higher crude oil prices translate to increased landing costs for petrol.
"Businesses and households relying on petrol for transportation and power generation face soaring expenses, contributing to inflation and reduced purchasing power. While higher crude prices boost government revenue, the benefits are not immediately felt by Nigerians, who struggle with the rising cost of living."
He advised that urgent investment in local refining is crucial to mitigate the effects of global oil price fluctuations.
New prices follow new appointments at NNPC
Meanwhile, the NNPC's price change reflects ongoing shifts in Nigeria's downstream petroleum sector and follows changes in market competition, supply costs, and global oil prices.
The development came as President Bola Tinubu appointed Bayo Ojulari as the new Group Chief Executive Officer of the NNPC.
Findings show that NNPC retail stations have quickly adjusted their petrol prices to N925 in Lagos following the announcement.
NNPC stations adjust prices
A BusinessDay report disclosed that in Abuja, NNPC retail outlets in Kubwa increased their price to N950 from N880 per litre, the same as filling stations in Wuse.
The price increase follows months of intense competition between the state oil firm and the mega Dangote Refinery.
In March 225, NNPC reduced its price to N860 following a similar price crash by Dangote Refinery.
Source: Facebook
Early this year, the NNPC sold its petrol at N925 per litre. The recent price adjustment is still lower than in some cities, such as Abuja, where petrol is sold at N880 per litre.
Depots hike fuel costs read
Legit.ng earlier reported that Petroleum product prices had increased following the halt in the naira-for-crude deal between the NNPC and domestic refineries, including the Dangote Refinery.
The six-month deal ensured a steady supply of petroleum products from the Dangote and other domestic refineries, significantly reducing petroleum product prices.
Analysts said the deal’s collapse would erode the gains achieved in the downstream petroleum industry since President Bola Tinubu removed the subsidy on May 29, 2025.
This article has been updated by head of business desk, Victor Enengedi, with additional comments by an expert.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
