The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦925 per litre in Lagos and ₦950 per litre in Abuja, effective April 2, 2025.
This adjustment represents a ₦65 increase from the previous price of ₦860 per litre in Lagos and a ₦70 hike from ₦880 per litre in Abuja.
In Lagos, NNPCL stations in areas such as Fadeyi, Ago Palace Way, and Ogba have adjusted their prices to ₦925 per litre. Similarly, in Abuja, the NNPCL retail outlet in Federal Housing, Kubwa, has raised its price to ₦950 per litre.
This price increase follows the Dangote refinery’s recent decision to temporarily halt the sale of petroleum products in naira, aiming to avoid mismatches between sales proceeds and crude oil purchase obligations, which are currently denominated in U.S. dollars.
Additionally, the adjustment coincides with a leadership change at NNPCL, with President Bola Tinubu appointing Mr. Bayo Ojulari as the new Group Chief Executive Officer, replacing Mele Kyari, and restructuring the NNPCL board.
These developments reflect ongoing shifts in Nigeria’s deregulated fuel market, which is influenced by market competition, supply costs, and global oil price trends.
