Price Hike Amidst Market Competition
This adjustment follows last week’s move by independent marketers, including MRS, who raised petrol prices to N930 per litre in Lagos and N960 per litre in northern states. Industry experts attribute the price surge to the Dangote Refinery’s recent suspension of naira-based petroleum sales, a development that has influenced pricing dynamics in Nigeria’s deregulated fuel market.
Factors Influencing the Price Increase
The new price reflects multiple market pressures, including:
- Global crude oil price fluctuations
- Exchange rate volatility
- Supply chain and crude oil sourcing costs
- Deregulated competition between NNPC and private refiners
This adjustment also coincides with leadership changes at NNPCL. President Bola Tinubu appointed Mr. Bayo Ojulari as the new Managing Director, replacing Mele Kyari, alongside a broader restructuring of the national oil firm’s board.
Price Adjustments at NNPC Retail Stations
A survey of NNPC retail outlets confirms the new price hike across various locations:
- Lagos: Stations along Lagos-Ibadan Expressway, Ikorodu Road, Fadeyi, Ago Palace Way, Ogba, Acme Road, and Lagos-Abeokuta Expressway now sell petrol at N925 per litre.
- Abuja: The Kubwa Expressway and Wuse stations have adjusted their prices to N950 per litre.
However, some NNPC outlets in Lagos may still be in the process of updating their prices due to logistical constraints.
Previous Price Adjustments and Market Trends
This increase follows months of price competition. In March 2025, NNPCL reduced petrol prices to N860 per litre to align with Dangote Refinery’s competitive pricing. However, rising global oil prices, exchange rate fluctuations, and changes in crude oil procurement costs have now forced an upward revision.
Notably, in December 2024, NNPC had already sold petrol at N925 per litre before a series of price fluctuations. The latest increase suggests continued market adjustments as Nigeria navigates a deregulated fuel sector.
As petrol prices continue to fluctuate, consumers and businesses are expected to feel the impact, with ripple effects on transportation and commodity prices across the country.