Petrol Prices Climb to N955/Litre as NNPCL and Marketers Adjust Rates Nationwide

The retail price of petrol in Nigeria surged to as high as N955 per litre on Monday, June 24, 2025, following new price adjustments by the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers across several cities.

In Abuja, NNPCL outlets raised the pump price to N945 per litre, while independent marketers pushed it further to N955. In Lagos, petrol was sold at N915 to N950 per litre, depending on the location and marketer. Previously, prices in Abuja and Lagos stood at N910 and N870, respectively—reflecting fresh increases of N35 and N45.

The sudden spike comes in the wake of an upward adjustment in the ex-depot price by the Dangote Petroleum Refinery, which raised its wholesale rate from N825 to N880 per litre. Strategic downstream partners like MRS, AP, and Heyden mirrored this with retail prices of N925 in Lagos and N935 in Ogun State.

Fuel stations reported adjusting pump prices despite still selling off previous stock. Operators cited the unpredictability of supply prices as a major factor driving the hike. The NNPC retail station in Kubwa, Abuja, displayed N945, while others like A.Y.M. Shafa and NIPCO sold at N955 per litre.

In Lagos, filling stations in Igando, Badagry Expressway, and Iba reflected the increased prices. Partners with the Dangote refinery, such as Optima and MRS, also implemented upward price revisions, while TotalEnergies and Oluwafemi Arowolo Petroleum set their prices at N910 and N920, respectively.

Depot sources confirmed the rise in ex-depot prices at major hubs like Pinnacle, NIPCO, and Wosbab in Lagos, now averaging N920–N925 per litre. Some depots even reached N940, despite only a 3% increase in crude oil prices. This discrepancy has raised concerns over speculative pricing.

According to data from petroleumprice.ng, Dangote’s depot closed sales at N905, while NIPCO Lagos topped the increase list with a 2.72% jump. Depots such as TSL, Ever, and Fynefield also implemented sharp markups.

Industry analysts warned the continued price escalation could intensify inflation, particularly affecting transport, goods, and household costs. The CEO of PetroleumPrice.ng, Olatide Jeremiah, described the trend as “abnormal,” warning that the inflated depot rates are being unfairly passed on to end consumers.

On the international stage, escalating geopolitical tensions between the United States and Iran are compounding Nigeria’s local fuel crisis. Reports of a US-Israeli airstrike on Iranian nuclear facilities triggered a retaliatory missile attack by Iran on US bases in Qatar and Iraq. Qatar confirmed damage to the US-run Al Udeid base, calling it a violation of its sovereignty.

Although tensions caused an initial oil price rally, Brent crude surprisingly fell to $71.66 per barrel, and WTI dropped to $68.32. Still, Nigerian importers appear to be reacting preemptively, contributing to rising local prices.

As fuel costs spiral and global uncertainty looms, Nigerians may face continued hardship unless regulatory or market interventions are introduced to stabilize the downstream sector.