NNPCL Bumps Up Petrol Prices: What’s Really Going On?

Prices Are Climbing: NNPC’s New Rates Across Major Cities

Hey there, let’s break this down for you. Starting April 2, 2025, the Nigerian National Petroleum Company Limited (NNPCL) is rolling out a new pricing strategy for petrol at its stations. In Lagos, you’ll now be paying ₦925 per litre, while in Abuja, the price jumps slightly higher to ₦950 per litre. That’s an increase of ₦65 in Lagos and ₦70 in the Northern regions compared to the previous rates. Not exactly pocket change, right?

What’s Behind the Surge?

Now, here’s the backstory. Just last week, independent marketers like MRS already hiked their prices, with Lagos seeing a rate of ₦930 per litre and the North at ₦960 per litre. So, NNPC wasn’t far behind in adjusting its own rates. Industry insiders are pointing fingers at the Dangote Refinery, which recently suspended petrol sales in naira. That’s a big deal because it shakes up the market dynamics.

Market Forces at Play

Let’s dive deeper. This price hike is a direct result of the deregulated fuel market in Nigeria. Things like market competition, supply costs, and global oil prices are all playing their part. Add to that the recent leadership change at NNPCL. On Wednesday, President Bola Tinubu named Bayo Ojulari as the new Group CEO of NNPCL, stepping in for Mele Kyari. Alongside this, the NNPCL board underwent a restructuring, signaling a new chapter for the company.

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According to reports from Punch, NNPC stations across Lagos, including those along the Lagos-Ibadan Expressway and Ikorodu Road, have officially adopted the new price of ₦925 per litre. Some stations initially displayed ₦930 per litre, but they quickly adjusted to match the official rate. Other retail stations, such as those in Fadeyi, Ago Palace Way, Ogba, and College Road, have also updated their prices to reflect the new standard.

Not Everyone’s On Board Yet

Here’s the kicker—while most NNPC stations in Lagos have implemented the new pricing, a few might still be playing catch-up. There could be some logistical delays in getting the new rates fully rolled out. But don’t worry, it’s just a matter of time before everything falls into place.

Meanwhile, in the Federal Capital Territory (FCT), NNPCL stations, including those along the Kubwa Expressway and in Wuse, have also raised their prices to ₦950 per litre. That’s quite a jump from the previous rate of ₦880 per litre. It’s clear that the cost of living is feeling the pinch in these areas.

A Rollercoaster Year for Prices

Let’s rewind a bit. Earlier this year, in March 2025, NNPCL slashed its petrol prices to ₦860 per litre to stay competitive with Dangote Refinery’s lower rates. But with rising global oil prices, fluctuating exchange rates, and higher crude oil sourcing costs, the company decided it was time for a price correction.

Back in December 2024, NNPC had sold petrol at ₦925 per litre, but early 2025 saw a few adjustments. Despite the recent increases, petrol prices in Lagos are still relatively lower compared to other cities like Abuja, where prices were recently at ₦880 per litre.

So, there you have it. The price hike is here, and it’s a reflection of the ever-changing dynamics in Nigeria’s fuel market. Stay tuned for more updates as the story unfolds.

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