After initial hesitation, the Nigerian National Petroleum Company Limited has increased the pump price of petrol to N925 per litre at its retail stations in Lagos and N950 per litre in Abuja.

The new price regime, effective from April 2, 2025, represents an increase of N65 from the previous price of N860 per litre in Lagos and an N70 difference from the N880 previously sold in the North.

Recall that last week, MRS and other independent marketers increased the price of petrol, raising its pump price to N930 per litre in Lagos and N960 for residents living in the northern part of the country.

Industry experts said the new increase is a direct fallout of the recent suspension of sales of petroleum products in naira by the Dangote refinery.

This adjustment reflects ongoing changes in Nigeria?s deregulated fuel market and follows shifts in market competition, supply costs, and global oil price trends.

The development also comes against the backdrop of a new leadership at the national oil firm. President Bola Tinubu appointed Mr Bayo Ojulari to replace Mele Kyari in the early hours of Wednesday, while also restructuring the NNPCL board.

Our correspondent confirmed that NNPC stations along the Lagos-Ibadan Expressway and Ikorodu Road now sell at N925 per litre, after initially displaying N930 per litre to its customers.

Also, the NNPCL retail stations at Fadeyi, Ago Palace Way, and Ogba, as well as the NNPC station on College Road, have adjusted their prices to N925. In Ikeja, outlets on Acme Road and the Lagos-Abeokuta Expressway have also raised their pump prices to the new rate.

However, not all NNPC stations in Lagos may have updated their prices at the same time due to logistical delays.

In the Federal Capital Territory, the national oil firm station located along the Kubwa expressway increased its price to N950 from N880 per litre. Other stations along Wuse effected the same increase.

This adjustment comes after months of price competition. In March 2025, NNPC reduced its price to N860 per litre to match Dangote Refinery?s lower rates. However, due to rising global oil prices, exchange rate fluctuations, and changes in crude oil sourcing costs, NNPC has now revised prices upward.

Earlier in 2025, NNPC had sold petrol at N925 per litre in December 2024 before several price shifts. The current rate in Lagos is still lower than in some cities, like Abuja, where prices recently stood at N880 per litre. (The PUNCH)

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