The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of Premium Motor Spirit (petrol) to N915 per litre in both Lagos and Abuja.
This marks a 6.4% increase from the N860 per litre some NNPC stations briefly offered in March 2025, when prices were reduced from N945 following a short-term drop in supply costs
Naijaonpoint confirmed on Monday that several NNPC stations in Lagos had adjusted their meters to reflect the new price of N915.
This represents an upward shift from the previous pump prices of N860 in Lagos and N865 in Abuja.
This latest increase is part of Nigeria’s broader move away from fuel subsidies. Since mid-2023, petrol prices have been determined by market factors, primarily the international cost of crude oil and the exchange rate of the naira.
The hike comes after Dangote Refinery raised its depot price, prompting NNPC to adjust its rates to stay competitive and prevent losses. Rising global oil prices and a weaker naira have also made fuel more expensive to import, leading to new pump prices.
According to a report by Naijaonpoint, analyst Jide Pratt explained that Iran’s role as a major oil producer makes it a key trigger for global crude prices. He noted that following the bombing, Brent crude briefly rose to $78 before settling around $73.
Pratt warned that if tensions escalate further, oil prices could climb even higher, pushing up the cost of refined products like petrol both in Nigeria and globally.
Fuel prices in Nigeria may only become more stable if the naira strengthens, crude oil supply remains steady, and local refining improves. While Dangote Refinery currently plays a major role in fuel distribution, expanding domestic production could lead to more competition and eventually help lower prices.
Recently, some NNPC stations briefly reduced petrol prices from N945 to N860 per litre. The drop happened after a short decrease in supply costs, likely due to better local supply and a slight fall in global oil prices at the time.