Business

Petrol Prices Increase Again: See Amount NNPC Hikes Pump Price to in Abuja and Lagos

Published by Tope Fakinlede on June 23rd, 2025.

Petrol Prices Increase Again: See Amount NNPC Hikes Pump Price to in Abuja and Lagos

Fuel prices have taken another leap, with the Nigerian National Petroleum Company Limited (NNPCL) adjusting the pump price of Premium Motor Spirit (PMS) to N945 per litre in Abuja and N915 per litre in Lagos. This latest surge adds more weight to an already overburdened economy, as Nigerians continue to battle rising living and transportation costs.

In Abuja, NNPC retail stations across locations like Kubwa’s Federal Housing area and the mega station along Obasanjo Way now display the revised N945 price tag. Similarly, in Lagos, outlets in Igando and along the Badagry Expressway have updated their rates to N915 per litre.

This upward trend follows shortly after the Dangote Refinery raised its ex-depot price from N825 to N880 per litre, prompting a ripple effect across the downstream sector.

Private stations haven’t been left out. MRS outlets in Lagos have adjusted prices to N925 per litre, up from N875. TotalEnergies is now dispensing petrol at N910 per litre, while stations like Oluwafemi Arowolo Petroleum in Iba are charging N920.

Depot operators such as Wosbab, Pinnacle, and NIPCO are now selling PMS at between N920 and N925 per litre, citing a mix of rising crude oil prices and increased logistics costs.

Global Oil Market Tensions Fueling Local Woes

Fuel market watchers are closely monitoring developments in the global oil landscape. The ongoing conflict between the United States and Iran, including reported airstrikes on Iranian nuclear facilities, has disrupted global oil flows and is pushing crude oil prices dangerously close to the $80 per barrel mark.

Experts warn this could further aggravate Nigeria’s fuel price volatility. Olatide Jeremiah, CEO of PetroleumPrice.ng, stated:

“With global oil prices rising and Dangote briefly halting supply last week, depot prices could hit N1,000 per litre soon. Unless Dangote maintains stable output, marketers will keep hiking prices unchecked.”

According to him, the recent surge was partially triggered by Dangote’s temporary sales halt, although the refinery has since resumed selling at N880 for two million litres.

Economic Impact Deepens

For millions of Nigerians, the consistent hikes are more than numbers—they represent higher transport fares, inflated goods prices, and greater financial pressure. With inflation already high and the naira underperforming, experts predict that without timely policy intervention, the N1,000 per litre mark may soon become the new normal.