The Nigerian National Petroleum Company Limited has raised petrol prices to N925 per litre in Lagos and N950 in Abuja.
This increase, effective April 2, 2025, marks a N65 hike from N860 per litre in Lagos and N70 from N880 in Abuja.
Independent marketers, including MRS, had already adjusted their prices last week, selling petrol for N930 in Lagos and N960 up north.
Experts link this price surge to Dangote Refinery’s decision to halt petroleum product sales in naira, affecting market dynamics.
The increase aligns with shifts in Nigeria’s deregulated fuel market, influenced by supply costs and global oil price fluctuations.
Additionally, the hike follows leadership changes at NNPC, with President Tinubu appointing Bayo Ojulari as the new CEO.
Stations along the Lagos-Ibadan Expressway and Ikorodu Road initially displayed N930 per litre before adjusting to N925 per litre.
Other locations, including Ogba, Fadeyi, and Ago Palace Way, have also updated their pricing to the new official rates.
In Abuja, NNPC’s Kubwa Expressway station raised prices to N950 per litre, with similar adjustments in Wuse and other areas.
This move follows months of price competition, with NNPC previously lowering prices to match Dangote Refinery’s reduced rates.
However, rising crude oil costs, exchange rate fluctuations, and market factors have now led to another upward price revision.
