Fuel Hike Frenzy: NNPC Pushes Petrol Price To ₦925 In Lagos Amid Rising Costs

This price adjustment represents a hike of ₦65 from the previous rate of ₦860 per litre in Lagos and an increase of ₦70 from the earlier price of ₦880 per litre in the Northern region. The change comes shortly after independent marketers, including MRS, raised their petrol prices last week—₦930 per litre in Lagos and ₦960 per litre in the North.

Industry analysts attribute the hike to the recent suspension of naira-denominated petrol sales by the Dangote Refinery, reflecting shifts in Nigeria’s deregulated fuel market. Factors influencing the new pricing include changes in market competition, supply costs, and global oil price volatility. Additionally, the price adjustment aligns with broader changes following the leadership transition at NNPCL, marked by the appointment of Bayo Ojulari as the new Group CEO, replacing Mele Kyari.

Reports indicate that at NNPCL retail stations in Lagos, such as those along the Lagos-Ibadan Expressway and Ikorodu Road, petrol prices have increased to ₦925 per litre. Initially, some stations displayed ₦930 per litre before adjusting to the official rate. Other stations, including those at Fadeyi, Ago Palace Way, Ogba, and College Road, have also updated their prices.

In the Federal Capital Territory (FCT), NNPCL stations, including those on the Kubwa Expressway and in Wuse, have raised their prices to ₦950 per litre from the previous ₦880 per litre. While most NNPC stations in Lagos have adopted the new rates, some are still in the process of making adjustments due to logistical challenges.

This latest hike follows a competitive pricing period when NNPCL lowered its petrol prices to ₦860 per litre in March 2025 to match Dangote Refinery’s reduced rates. However, rising global oil prices, exchange rate fluctuations, and higher crude oil sourcing costs have prompted NNPCL to revise its prices upwards.

Previously, in December 2024, NNPCL sold petrol at ₦925 per litre before making price adjustments earlier in 2025. Despite the increase, petrol prices in Lagos remain lower compared to other cities, such as Abuja, where prices recently stood at ₦880 per litre.