NNPCL Increases Petrol Prices Amid Rising Global Oil Costs

The Nigerian National Petroleum Company Limited (NNPC) has raised petrol prices at its retail outlets in Abuja and Lagos, citing a recent surge in global oil prices and the ongoing deregulation of the country’s downstream oil sector. In Abuja, the price of petrol has increased by N25 per litre, from N965 to N990, while in Lagos, the price jumped by N35 per litre, from N925 to N960.

The price hike follows a rise in international oil prices, with Brent crude, Nigeria’s benchmark, recently surpassing $80 per barrel. The adjustment is also aligned with the government’s deregulation policy, which was fully implemented under President Bola Tinubu’s administration. The policy allows fuel prices to fluctuate in line with global oil market trends.

NNPC had previously reduced petrol prices on January 23, 2025, from N1,025 per litre in Lagos and N1,040 per litre in Abuja  However, the latest price increase signals the volatility of fuel pricing in Nigeria’s deregulated market.

Warri Sentinel understands that independent stations such as Shema, Bovas, AYM Shafa, and Zamson Oil along the Abuja-Keffi road have been seen selling petrol for between N1,000 and N1,030 per litre, exceeding NNPC’s newly adjusted prices.

The price fluctuations also come on the heels of the Dangote Refinery’s recent hike in ex-depot prices, which saw its petrol price rise from N899 per litre to N955 per litre, with plans to retail at N970 per litre.

Minister of Petroleum Resources Heineken Lokpobiri last week revealed that the full deregulation of the sector means fuel prices will now be determined by global oil prices, allowing for more frequent price adjustments similar to global trends.