NNPC Raises Petrol Price to N915 per Liter Amid Global Oil Surge and Weaker Naira

NNPC raises petrol price to N915 per litre, citing global oil hikes and naira depreciation.

As fuel costs soar, Nigerians brace for rising expenses while hoping Dangote Refinery stabilizes supply.

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N915 per liter in major cities, including Lagos and Abuja. This marks a 6.4% hike from the N860 per liter offered in March 2025, during a temporary dip in supply costs.

Several NNPC outlets, notably those along Kudirat Abiola Way in Ikeja, Lagos, and the Nyanya-Abuja Expressway, have already adjusted their pump meters to reflect the new pricing.

This latest increment underscores Nigeria’s ongoing shift away from petrol subsidies. Since the federal government scrapped the subsidy regime in mid-2023, petrol prices have been largely dictated by international crude oil rates and the fluctuating value of the naira.

The price adjustment comes on the heels of similar moves by other marketers. MRS Oil Nigeria Plc, a leading distributor of Dangote Refinery products, raised its Lagos petrol price from N885 to N925 per liter, and even higher in southeastern states, where pump prices now reach up to N955 per liter.

The upward pricing trend is being driven by a combination of global and domestic factors. Notably, Dangote Refinery recently raised its depot price for PMS, prompting NNPC to follow suit to stay competitive and curb operational losses. The weaker naira and rising global crude oil prices have only compounded the situation, making fuel imports more costly.

Oil market expert Jide Pratt explained that tensions in the Middle East, especially involving Iran, have led to volatility in global crude prices. A recent attack on Iranian nuclear facilities prompted Iran’s parliament to propose closing the Strait of Hormuz, a vital channel for global oil shipments. This development briefly pushed Brent crude prices to $78 per barrel before stabilizing around $73.

Pratt warned that any escalation in the region could lead to another spike in oil prices, potentially pushing refined petroleum products even further out of reach for importing nations like Nigeria. If Iran proceeds with its threat to shut down the Strait, crude could surge to $150 per barrel, significantly affecting downstream fuel costs.

While the NNPC price hike reflects broader economic pressures, it also highlights Nigeria’s limited capacity for domestic fuel refining. Though Dangote Refinery has begun supplying products to local distributors, its current output has yet to stabilize pump prices nationwide. Increased domestic refining is expected to eventually reduce dependence on imports and ease price fluctuations, but that vision remains a work in progress.

What Nigerians Should Know:

• Petrol prices briefly dropped in March 2025 to N860 per liter following a temporary dip in supply costs.
• The new increase to N915 per liter is driven by higher depot rates, global oil price hikes, and exchange rate pressures.
• MRS and other marketers have already surpassed this rate in some locations, charging up to N955 per liter.
• Analysts project that unless global tensions ease and the naira strengthens, fuel prices will likely continue to rise.
• The federal government’s reliance on market-driven fuel pricing continues to expose consumers to international shocks.

NNPC latest price adjustment reflects the ripple effect of global events on local fuel supply chains. With oil prices soaring and the naira under strain, Nigerians are once again bracing for the impact of rising transport and living costs. While there’s hope that increased domestic refining capacity could offer long-term relief, the immediate outlook suggests that petrol prices may remain volatile in the coming months.