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The Nigerian National Petroleum Company Limited (NNPCL) has just raised the price of petrol.
In Lagos, the price is now N925 per litre, up from N860. In Abuja, it’s even higher at N950 per litre.
This price hike comes just hours after a major shake-up in NNPCL’s leadership.
On April 3, 2025, President Bola Tinubu appointed Mr. Bayo Ojulari as the new Group CEO of NNPCL, replacing Mele Kyari.
The shake-up also included changes to NNPCL’s board.
According to a report on Gazette Nigeria, this price increase is part of NNPCL’s ongoing shift towards a fully deregulated oil market.
Before, NNPCL kept prices low through subsidies, but now, with the Dangote Refinery in operation, the company is sourcing petrol directly from there.
This move has led to changes in pricing, which some experts say reflect global market conditions.
In fact, NNPCL has even made the decision to stop selling petrol in naira. “This decision was triggered by the need to avoid a mismatch between sales proceeds and crude oil purchase obligations, which are currently denominated in U.S. dollars,” NNPCL stated.
With these price hikes, Nigerians will see higher costs at filling stations but also a shift toward a more market-driven pricing system.
Article updated 3 weeks ago. Content is written and modified by multiple authors.
