NNPCL raises petrol price to N950 per litre amid market shifts

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol to N935 per litre in Ibadan, N925 per litre in Lagos, and N950 per litre in Abuja.

This marks a significant rise from previous rates, taking effect on April 2, 2025.

The latest adjustment represents a N65 increase from the former price of N860 per litre in Lagos and N870 per litre in Ibadan, while Abuja sees a N70 jump from N880 per litre. The price hike follows Dangote Refinery’s decision to suspend the sale of petroleum products in naira, triggering shifts in Nigeria’s deregulated fuel market.

A survey of NNPC stations along the Lagos-Ibadan Expressway, Tipper Garage, Akala Express, and Odo-Ona Elewe in Ibadan confirmed price adjustments to N935 per litre.

Similarly, we gathered that outlets along the Kubwa Expressway and Wuse in Abuja are now dispensing fuel at N950 per litre. However, some stations have yet to implement the change due to logistical delays.

NNPCL’s decision follows months of competitive pricing. In March 2025, the company reduced its petrol price to N860 per litre to rival Dangote Refinery’s lower rates. However, rising global crude oil prices, currency fluctuations, and increased sourcing costs have led to a price reversal.

The latest price hike coincides with a leadership reshuffle at NNPCL. On April 2, 2025, President Bola Tinubu appointed Bayo Ojulari as the new Group Chief Executive Officer (GCEO), replacing Mele Kyari. The board of the national oil company also underwent restructuring as part of broader changes.

Industry experts warn that the rising fuel costs may exert further pressure on consumers and businesses amid economic challenges and inflation concerns. Stakeholders have called on the new NNPCL leadership to ensure transparency in fuel pricing decisions to mitigate public discontent.