NNPC Raises Petrol Price to ₦915 Amid Global Crude Oil Surge in 2025

Fuel price hike Nigeria. The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of Premium Motor Spirit (petrol) to N915 per litre in both Lagos and Abuja.

This marks a 6.4% increase from the N860 per litre some NNPC stations briefly offered in March 2025, when prices were reduced from N945 following a short-term drop in supply costs

StartSmart Nigeria reported this on Monday that many NNPC stations along Kudirat Abiola Way in Ikeja, Lagos and at the NNPC outlet at Nyanya-Abuja Express, Abuja had adjusted their pump meters to reflect the new petrol price of N915 per litre. Fuel price hike Nigeria

This represents an upward shift from the previous pump prices of N860 in Lagos and N865 in Abuja.

This latest increase is part of Nigeria’s broader move away from fuel subsidies. Since mid-2023, petrol prices have been determined by market factors, primarily the international cost of crude oil and the exchange rate of the naira. Fuel price hike Nigeria

The hike comes after Dangote Refinery raised its depot price, prompting NNPC to adjust its rates to stay competitive and prevent losses. Rising global oil prices and a weaker naira have also made fuel more expensive to import, leading to new pump prices.

According to a report by Nairametrics, analyst Jide Pratt explained that Iran’s role as a major oil producer makes it a key trigger for global crude prices. He noted that following the bombing, Brent crude briefly rose to $78 before settling around $73.

Pratt warned that if tensions escalate further, oil prices could climb even higher, pushing up the cost of refined products like petrol both in Nigeria and globally. Fuel price hike Nigeria

Fuel prices in Nigeria may only become more stable if the naira strengthens, crude oil supply remains steady, and local refining improves. While Dangote Refinery currently plays a major role in fuel distribution, expanding domestic production could lead to more competition and eventually help lower prices.

What You Should Know 

Currently, some NNPC stations briefly lessened petrol prices from N945 to N860 per litre. The drop happened after a short decrease in supply costs, likely due to better local supply and a slight fall in global oil prices at the time. Fuel price hike Nigeria

• In response to U.S.-led airstrikes on its nuclear facilities, Iran’s parliament recently approved plans to shut down the Strait of Hormuz, a key passageway for global oil shipments. If enforced, this could push crude prices from below $80 to as high as $150 per barrel, as reported by Nairametrics. Fuel price hike Nigeria
• MRS Oil Nigeria Plc, a major distributor of Dangote Refinery products, also increased its petrol price from N885 to N925 per litre in Lagos, effective Saturday, June 21, 2025. This move aligns with the broader industry response to the global surge in oil prices caused by Middle East instability.

Source: Nairametrics