NNPCL Hikes Petrol Price to N915 Per Litre in Lagos and Abuja Amid Rising Global Crude Costs

The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of petrol to N915 per litre in Lagos and Abuja, citing surging global crude oil prices and exchange rate volatility.

The price adjustment, which took effect on Monday, represents a 6.4% increase from the N860 per litre briefly recorded in March 2025. The new rate is already visible on pump meters at several fuel stations in Ikeja and Nyanya-Abuja.

This latest hike comes under Nigeria’s post-subsidy regime, where petrol prices are now determined by market forces—including international crude benchmarks and the naira’s exchange value.

Industry insiders attribute the spike partly to the Dangote Refinery’s recent upward adjustment in depot prices, driven by increased crude acquisition costs and naira instability. In response, NNPCL is reportedly aligning prices to stay competitive and reduce operational losses.

Meanwhile, MRS Oil Nigeria Plc, a major distributor of Dangote fuels, also increased its pump price over the weekend—from N885 to N925 in Lagos and up to N955 in parts of the Southeast.

Energy analyst Jide Pratt noted that tensions in the Middle East are contributing to fears of global supply disruptions. “Oil briefly hit $78 per barrel after Iran’s parliament discussed closing the Strait of Hormuz,” he said. “If that escalates, we could see global crude prices approaching $150 per barrel.”

Nigeria’s reliance on imported refined products continues to strain the market, especially as the weakened naira makes foreign exchange more costly for fuel importers.

Though the Dangote Refinery is steadily expanding its footprint in local fuel supply, analysts warn that sustained investment in domestic refining and stable forex access are essential to shielding Nigeria from further fuel price volatility.

Petrol pricing in Nigeria has remained deregulated since mid-2023, leaving the country’s energy sector highly sensitive to international economic pressures.