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, and represent an increase of N65 from N860 per litre in Lagos, N70 above the N880 in the North.

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, and represent an increase of N65 from N860 per litre in Lagos, N70 above the N880 in the North.

Analysts explain the reason for new prices

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.

Energy policy analysts have disclosed that the increase is connected to the Dangote Refinery’s halt in selling petrol in naira to marketers.

However, others say that the new price is 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.

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,” he said.

The new prices follow new appointments at NNPC

Meanwhile, the NNPC's price change reflects ongoing shifts in Nigeria's downstream petroleum sector and follows 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 show that NNPC retail stations have 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 follows months of intense competition between the state oil firm and the mega Dangote Refinery.

In March 225, NNPC reduced its price to N860 following a similar price crash by Dangote Refinery.

Early 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.