The Nigerian Nationwide Petroleum Firm Restricted (NNPCL) has raised the pump worth of Premium Motor Spirit (petrol) to N915 per litre in each Lagos and Abuja.
This marks a 5.17% improve from the N870 per litre some NNPC stations briefly supplied in March 2025, when costs have been lowered from N945 following a short-term drop in provide prices.
Nairametrics confirmed on Monday that a number of NNPC stations alongside Kudirat Abiola Approach in Ikeja, Lagos and on the NNPC outlet at Nyanya-Abuja Specific, Abuja had adjusted their pump meters to replicate the brand new petrol worth of N915 per litre.
This represents an upward shift from the earlier pump costs of N860 in Lagos and N865 in Abuja.
This newest improve is a part of Nigeria’s broader transfer away from gasoline subsidies. Since mid-2023, petrol costs have been decided by market elements, primarily the worldwide value of crude oil and the trade price of the naira.
The hike comes after Dangote Refinery raised its depot worth, prompting NNPC to regulate its charges to remain aggressive and stop losses. Rising international oil costs and a weaker naira have additionally made gasoline dearer to import, resulting in new pump costs.
In line with a report by Nairametrics, analyst Jide Pratt defined that Iran’s function as a serious oil producer makes it a key set off for international crude costs. He famous that following the bombing, Brent crude briefly rose to $78 earlier than settling round $73.
Pratt warned that if tensions escalate additional, oil costs might climb even increased, pushing up the price of refined merchandise like petrol each in Nigeria and globally.
Gasoline costs in Nigeria could solely develop into extra steady if the naira strengthens, crude oil provide stays regular, and native refining improves. Whereas Dangote Refinery at present performs a serious function in gasoline distribution, increasing home manufacturing might result in extra competitors and finally assist decrease costs.
In March 2025, some NNPC stations briefly lowered petrol costs from N945 to N860 per litre. The drop occurred after a brief lower in provide prices, doubtless as a result of higher native provide and a slight fall in international oil costs on the time.
