The Nigerian National Petroleum Company Limited (NNPCL) has officially increased the pump price of petrol to ₦925 per litre in Lagos and ₦950 per litre in Abuja, effective April 2, 2025. This latest adjustment follows a series of price changes in Nigeria' s deregulated fuel market, reflecting broader shifts in supply costs, market competition, and global oil price fluctuations.

This new price represents a ₦65 increase from the previous ₦860 per litre in Lagos and a ₦70 jump from the ₦880 previously charged in the Northern region. The hike comes on the heels of a similar move by independent marketers, including MRS, who raised their own petrol prices last week. In Lagos, independent stations set their prices at ₦930 per litre, while in the North, rates reached ₦960 per litre.

Industry analysts have attributed the increase to the recent suspension of petrol sales in naira by the Dangote Refinery, a decision that has impacted the broader fuel supply chain. The Nigerian market has seen significant changes since the removal of fuel subsidies, making it more vulnerable to global crude oil price fluctuations and currency exchange rate volatility. As a result, the cost of importing and distributing fuel has risen, leading to periodic adjustments in pump prices.

The NNPCL' s latest move is also seen as part of a broader restructuring within the company. On April 2, 2025, President Bola Tinubu appointed Bayo Ojulari as the new Group CEO of NNPCL, replacing Mele Kyari. This leadership change is accompanied by a restructuring of the company' s board, aimed at improving efficiency and competitiveness in the evolving petroleum sector.