The Nigerian National Petroleum Company Limited (NNPCL) has officially raised the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N925 per litre at its retail stations in Lagos and N950 per litre in Abuja.
This adjustment, effective April 2, 2025, represents a notable increase of N65 per litre in Lagos and N70 per litre in the North compared to previous rates.
The price hike follows an earlier increase by independent marketers, including MRS, which had already raised the price to N930 per litre in Lagos and N960 per litre in northern states last week.
The latest adjustment by NNPCL signals further shifts in Nigeria’s deregulated fuel market, driven by a combination of supply chain costs, foreign exchange volatility, and global oil price fluctuations.
Industry analysts have attributed the price surge to the recent suspension of petroleum product sales in naira by Dangote Refinery, a major player in Nigeria’s oil sector. The move has reshaped competition dynamics and increased the cost of procurement for local marketers, prompting NNPCL to revise its pricing structure.
The increase also coincides with leadership changes at NNPCL. President Bola Tinubu recently appointed Mr. Bayo Ojulari as the new Group Chief Executive Officer (GCEO), replacing Mele Kyari.
Additionally, the NNPCL board has undergone a major restructuring to align with the administration’s energy sector policies. Industry stakeholders have urged the new leadership to prioritize transparency and efficiency amid growing economic challenges.
This latest price adjustment follows a series of fluctuations in Nigeria’s fuel market over recent months. In March 2025, NNPCL reduced the pump price to N860 per litre in an attempt to compete with Dangote Refinery’s lower rates. However, increasing global crude oil prices and exchange rate instability have contributed to this latest upward revision.
Historically, NNPCL had previously set the price at N925 per litre in December 2024 before subsequent reductions. The current rates remain among the highest ever recorded in the nation’s deregulated fuel market, sparking concerns about inflationary pressures and the cost of living for Nigerians.
