Business
NNPC raises Petrol Price to N950 in Abuja, N925 in Lagos amid market shifts
The Nigerian National Petroleum Company (NNPC) Limited announced it has increased the price of petrol to N950 per litre in Abuja, up from N880, and to N925 per litre in Lagos, from N860, effective April 2, 2025.
The price hikes follow rising global oil prices, fluctuations in the exchange rate, and adjustments in the crude oil sourcing costs.
The national oil company’s latest pricing revision reflects the challenges and ongoing changes within Nigeria’s deregulated fuel market.
This new price adjustment comes in the wake of significant developments, including the Dangote refinery’s suspension of naira-for-crude deals.
On March 19, the refinery temporarily halted sales of petroleum products in naira, citing the need to avoid a mismatch between sales proceeds and crude oil obligations, which are currently denominated in U.S. dollars.
As a result, the NNPC has raised fuel prices, with independent marketers like MRS also increasing their rates.