Following some initial hesitancy, the Nigerian National Petroleum Company Limited raised the price of gasoline at its retail stations in Lagos and Abuja to ₦925 and ₦950 per litre, respectively.
With effect from April 2, 2025, the new pricing structure implies an N65 increase over the previous price of N860 per litre in Lagos and a N70 difference over the previous price of N880 in the North.
Recall how MRS and other independent marketers raised the price of gasoline last week? In Lagos, the pump price was ₦930 a litre, while in the northern part of the country, it was ₦960.
According to industry experts, the recent halt of the Dangote refinery’s sales of petroleum products in naira is the immediate cause of the current spike.
This adjustment takes into account changes in supply costs, market competition, and worldwide oil price patterns, as well as continuous changes in Nigeria’s deregulated gasoline market.
Additionally, a new leadership team at the national oil company coincides with the progress. Early on Wednesday morning, President Bola Tinubu reorganised the NNPCL board and named Mr Bayo Ojulari to succeed Mele Kyari.
After first showing their clients N930 per litre, NNPC stations along the Lagos-Ibadan Motorway and Ikorodu Road are reportedly now selling at N925 per litre.
The NNPC station on College Road and the NNPCL retail stations in Fadeyi, Ago Palace Way, and Ogba have raised their pricing to N925. Pump rates in Ikeja have also been increased to the new rate at establishments on Acme Road and the Lagos-Abeokuta Motorway.
However, because of logistical issues, not all NNPC stations in Lagos may have changed their prices simultaneously.
The national oil firm station along the Kubwa motorway in the Federal Capital Territory raised its price per litre from N880 to N950. The same increase was seen at other locations along Wuse.
After months of pricing rivalry, this change was made. To keep up with Dangote Refinery’s lower prices, NNPC lowered its pricing to ₦860 a litre in March 2025. However, NNPC has now raised prices due to changes in the cost of sourcing crude oil, volatility in exchange rates, and rising global oil prices.
Prior to multiple price changes in 2025, NNPC sold gasoline for N925 per litre in December 2024. Compared to certain locations, including Abuja, where prices recently soared to ₦880 per litre, Lagos’ current pricing is still lower.
