Abuja/Lagos, June 23, 2025 – Retail outlets of the Nigerian National Petroleum Company Limited (NNPCL) have increased the pump price of Premium Motor Spirit (petrol) to ₦945 per litre in Abuja and ₦915 per litre in Lagos.
- In Abuja’s Federal Housing area of Kubwa and Obasanjo Way, the meter now shows ₦945/litre, up from approximately ₦910
- In Lagos, select NNPC stations have adjusted prices from ₦870 to ₦915/litre
This change marks increases of ₦35 in Abuja and ₦45 in Lagos, following a recent ex-depot price rise by Dangote Petroleum Refinery from ₦825 to ₦880 per litre
🔍 Market Context & Implications
- Industry-wide impact: Major private marketers, such as MRS and TotalEnergies, have also revised prices upward—with MRS posting ₦925/litre in Lagos and ₦945/litre in Abuja; TotalEnergies now at ₦910/litre in Lagos
- Supply pressures: The price hikes are linked to higher ex-depot rates and rising global crude oil costs, reportedly fueled by the Israel‑Iran tensions, with crude hovering near $80 per barrel
- Consumer strain: Commuters and businesses are now facing increased costs amid ongoing inflation. Industry experts warn that if crude prices remain elevated, pump rates could surge further, potentially reaching ₦1,000/litre without swift regulatory measures .
🎥 Quick Visual Recap
✅ What This Means for You
- Commuters: Expect transportation fares to rise in response to higher fuel costs.
- Policymakers: Stakeholders are urging the government to consider a buffer mechanism or intervention to soften the impact on consumers.
- Economic outlook: Continual fuel price hikes may exacerbate inflationary pressures, affecting household budgets and business operations.
