The Nigerian National Petroleum Company (NNPC) has officially announced a new adjustment in petrol prices, raising the price to N925 per litre in Lagos and N950 in Abuja. This increase, which came into effect on April 2, 2025, reflects a rise of N65 from the previous price of N860 in Lagos and an increase of N70 from N880 in the North.

Retail outlets across the country have quickly updated their pump prices to align with this latest adjustment. The decision follows a prolonged period of price stability and comes shortly after the appointment of a new Group Chief Executive Officer at NNPC, Bayo Ojulari.

Industry analysts attribute this price hike to several factors, including the cessation of the naira- for- crude deal with the Dangote Refinery, which previously allowed for more stable pricing. Additionally, fluctuations in global crude oil prices, which recently rose to $73. 73 per barrel, have exerted further pressure on local fuel costs.

Experts have highlighted that geopolitical tensions, particularly in the Middle East, alongside new sanctions on countries like Iran and Russia, have contributed to rising crude prices.

Wale Ogundeji, an energy analyst, noted, " The rise in global crude oil prices has significantly impacted the price of petrol in Nigeria, exacerbating economic hardship for citizens. "