04/04/2025
Read now ➤ Home Business and Economy Energy ENERGY NNPC Releases New Petrol Price List for Lagos, Abuja, Other States Updated Friday, April 04, 2025 at 7:47 AM by Pascal Oparada reviewed by Bruce Douglas 4 min read The Nigerian National Petroleum Company (NNPC) has adjusted its petrol prices to N925 in Lagos and N950 in the North The price adjustment is N60 above the previous per-litre price in Lagos and N70 more than previous prices in the North Findings showed that NNPC retail outlets had quickly adjusted their pump prices to reflect the latest fuel price adjustment CHECK OUT: You’re One Course Away from Transforming Your Life. Learn Copywriting and Turn Your Passion into Profit Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade. After a long delay, the Nigerian National Petroleum Company Limited (NNPC) has increased the pump price of petrol to N925 per litre at its retail stations in Lagos and N950 in Abuja. The new prices became effective April 2, 2025, representing an increase of N65 from N860 per litre in Lagos and an increase of N70 above the previous N880 per litre in the North. The NNPC announces new petrol prices after the appointment of a new GCEO. Credit: NNPC Source: Getty Images Analysts explain NNPC's new fuel prices READ ALSO Naira experiences biggest fall in 2025 in official window, remains Stable in black market Legit.ng earlier reported that MRS and other independent petrol dealers had already hiked their petrol prices to N930 per litre in Lagos and N960 in the North. PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app! Energy policy analysts have explained that the increase was connected to the Dangote Refinery’s halt in selling petrol in naira to marketers. However, others believe that the new fuel price in Nigeria was due to the rising cost of crude oil in the international market. A previous report by Legit.ng disclosed that the price of crude rose to $73.73 last week amid President Donald Trump's call for the Organisation of Petroleum Exporting Countries (OPEC) to raise prices and cut production. Adeola Yusuf, Team Lead at Platforms Africa, said the increase in petroleum product prices was not just due to Dangote Refinery’s change in dynamics but a global phenomenon. “Crude prices are rising due to several factors such as the tensions in the Middle East, the US call for more sanctions on Iran, sanctions against Russia and other variables," he explained. READ ALSO NIPSS gives timeline for fuel price to crash to N750/litre, dollar to drop to N1,300 "Petroleum product prices are highly susceptible to crude price fluctuations in the international market. However, Nigerians would have been spared a little if the naira-for-crude deal between the NNPC and domestic refineries had continued.” While speaking exclusively with Legit.ng, Wale Ogundeji, an energy analyst, agreed with Yusuf. He insisted that even though the price rise might increase government revenue, the impact would result in higher petrol prices for citizens. "The rise in global crude oil prices has significantly impacted the price of petrol in Nigeria, exacerbating economic hardship for citizens. Since Nigeria imports refined petroleum due to inadequate local refining capacity, higher crude oil prices translate to increased landing costs for petrol. "Businesses and households relying on petrol for transportation and power generation face soaring expenses, contributing to inflation and reduced purchasing power. While higher crude prices boost government revenue, the benefits are not immediately felt by Nigerians, who struggle with the rising cost of living." READ ALSO Oil marketers predict new petrol prices as naira-for-crude deal with refineries drags He stated that urgent investment into local refining would be crucial to mitigate the effects of global oil price fluctuations on the average consumer. New prices follow new appointments at NNPC Meanwhile, the NNPC's price change reflected ongoing shifts in Nigeria's downstream petroleum sector and followed changes in market competition, supply costs, and global oil prices. The development came as President Bola Tinubu appointed Bayo Ojulari as the new Group Chief Executive Officer of the NNPC. Findings showed that NNPC retail stations quickly adjusted their petrol prices to N925 in Lagos following the announcement. NNPC stations adjust prices A BusinessDay report disclosed that in Abuja, NNPC retail outlets in Kubwa increased their price to N950 from N880 per litre, the same as filling stations in Wuse. The price increase followed months of intense competition between the state oil firm and the mega Dangote Refinery. In March, NNPC reduced its price to N860 following a similar price crash by Dangote Refinery. READ ALSO Oil marketers raise alarm over looming high cost of transportation, food amid fuel price surge Bayo Ojulari is new NNPC group CEO as appointed by President Bola Tinubu. Credit: NNPC Source: Facebook Earlier this year, the NNPC sold its petrol at N925 per litre. The recent price adjustment is still lower than in some cities, such as Abuja, where petrol is sold at N880 per litre. Depots hike fuel costs read Legit.ng earlier reported that petroleum product prices had increased after the naira-for-crude deal between the NNPC and domestic refineries came to an end. The six-month deal ensured a steady supply of petroleum products from Dangote and other domestic refineries, significantly reducing petroleum product prices. Analysts said this collapse would erode gains achieved in the downstream petroleum industry since President Bola Tinubu removed the subsidy in March 2025. This article has been updated by head of business desk, Victor Enengedi, with additional comments by an expert. PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy! Proofreading by Bruce Douglas, copy editor at Legit.ng. Source: Legit.ng AUTHORS: Pascal Oparada (Business editor) For over a decade, Pascal Oparada has reported on tech, energy, stocks, investment, and the economy. He has worked in many media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:[email protected] Bruce Douglas (Head of Copyeditors) Bruce Douglas has 13 years of experience in community media, including coverage of sports, human interest, crime and politics. TAGS: NIGERIAN NATIONAL PETROLEUM CORPORATION (NNPC)ALIKO DANGOTE HOT: APOLOGY MESSAGE EXAMPLES FUNNY BIG FOREHEAD JOKES HAPPY BIRTHDAY WISHES ROMANTIC MISSING MESSAGES NNPC PETROL PRICE RECOMMENDED FOR YOU Pacific nations perplexed, worried by Trump tariffs 14 hours ago “Burna Boy looked up to me”: ChocoMilo hitmaker Maxi Kabiesi opens up on im... 11 hours ago Breaking: Court bars parties from granting interviews in Natasha’s case aga... 16 minutes ago Kevin De Bruyne bids farewell to Manchester City, pens emotional message to... 7 hours ago Husband abandons his wife who was pregnant with quadruplets, she gives birt... 6 hours ago CHECK MORE ARTICLES FOR YOU Read more LATEST Atiku fires Tinubu as death toll rises to 52 in fresh Plateau killings 2 hours ago “How we were kept with hyenas, snakes,” Ex-NYSC DG Tsiga recounts ordeal in kidnappers’ den 6 minutes ago Uromi killings: Tension grips Sokoto as Igbo traders shut shops over rumoured protests 7 minutes ago JAMB uncovers Kano varsity applicants with fake results: “Only 6 out of 148 were genuine” 7 minutes ago Breaking: Court bars parties from granting interviews in Natasha’s case against Akpabio 8 minutes ago TRENDING More Nigerians to move away from national grid as solar panel factory opens in Lagos 6 days ago Petrol prices soar as MRS and other filling stations announce new prices 5 days ago Petitioners refuse to back down on plot to recall Natasha as INEC takes action 4 hours ago Breaking: Tinubu gives appointment to Sotinrin, announces resumption date 3 hours ago Annie Idibia reacts after Natasha’s aunt commented on her explosive return amidst 2face’s romance 2 days ago 30,000 vehicles to be recalled over fears they could burst into flames on the road 2 hours ago Anxiety as gunmen kidnap Ebonyi gov’s aide, details emerge an hour ago FG grants NNPC, Shell, 4 others licences for gas distribution 20 minutes ago TOP STORIES Islamic scholar dies after medical trip to India, details emerge 6 hours ago Cubana Chiefpriest ignores Hellen Ati, gifts lucky plus-size dancer N1m over impressive moves 5 hours ago Is President Tinubu plotting to 'dump' Shettima in the 2027 election? 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