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Nairametrics
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Home Sectors Energy

Fuel price hike: NNPC increases Petrol to N915 as global crude surge bites

Emem Udoh by Emem Udoh
June 23, 2025
in Energy, Sectors
Proposed 5% levy on companies for community project might lead to exits – Afrexim Bank
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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 5.17% increase from the N870 per litre some NNPC stations briefly offered in March 2025, when prices were reduced from N945 following a short-term drop in supply costs.

Nairametrics confirmed on Monday that several NNPC stations along Kudirat Abiola Way in Ikeja, Lagos and at the NNPC outlet at Nyanya-Abuja Express, Abuja had adjusted their pump meters to reflect the new petrol price of N915 per litre.

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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 Nairametrics, 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.

What You Should Know 

In March 2025, 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.

  • In response to U.S.-led airstrikes on its nuclear facilities, Iran’s parliament recently approved plans to shut down the Strait of Hormuz, a key passageway for global oil shipments. If enforced, this could push crude prices from below $80 to as high as $150 per barrel, as reported by Nairametrics.
  • MRS Oil Nigeria Plc, a major distributor of Dangote Refinery products, also increased its petrol price from N885 to N925 per litre in Lagos, effective Saturday, June 21, 2025. This move aligns with the broader industry response to the global surge in oil prices caused by Middle East instability.

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Tags: Nigerian National Petroleum Company LimitedPetrol price increase
Emem Udoh

Emem Udoh

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Comments 1

  1. Imeh Etukudo says:
    June 29, 2025 at 5:40 pm

    For God’s sake! Why can’t the present government and the NNPC find a permanent solution to the problem of fuel increments? Many countries out there in the world are not increasing their fuel prices every 60-90 days, but only Nigeria does. May I suggest to you, dear Sir, that the more you increase the price of fuel, the more you increase the present suffering of the Nigerian people; even the babies in our mothers’ wombs share in that suffering. My suggestion is that the government and NNPC fix local consumer prices differently from the international price, considering that the Nigerian workers are not paid in dollars. This problem of daily increases in dollars has created confusion and suffering for 80 percent of the total Nigerian population.

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