By Ghazali Ibrahim 
The Nigerian National Petroleum Company Limited (NNPCL) has announced a significant increase in the pump price of petrol, effective April 2, 2025.
According to the new prices, petrol will now cost N925 per litre in Lagos and N950 per litre in Abuja, representing a hike of N65 in Lagos and N70 in Abuja.
The price increase is attributed to the suspension of sales of petroleum products in naira by the Dangote refinery, which has impacted market pricing dynamics.
Industry experts also point to the deregulated fuel market, market competition, supply costs, and global oil price trends as contributing factors to the price adjustment.
This development comes on the heels of a new leadership at the national oil firm, with President Bola Tinubu appointing Mr Bayo Ojulari to replace Mele Kyari as the head of NNPCL.
The price hike also follows a similar increase by independent marketers, including MRS, which raised prices to N930 per litre in Lagos and N960 per litre in the northern region.
NNPCL retail stations in Lagos and Abuja have begun updating their prices to reflect the new rates.
However, due to logistical delays, not all stations may have adjusted their prices simultaneously.
