NNPCL hikes petrol price to ₦945 in Abuja, ₦915 in Lagos

The Nigerian National Petroleum Company Limited (NNPCL) has raised petrol prices at its retail outlets to ₦945 per litre in Abuja and ₦915 per litre in Lagos, effective Monday, June 23, 2025 . This represents sharp increases of ₦35 in the Federal Capital Territory (from ₦910) and ₦45 in Lagos (from ₦870) .

The move follows Dangote Refinery’s earlier decision to raise its ex-depot price to ₦880 per litre, prompting NNPC and other marketers to adjust their rates in tandem .

Beyond NNPC stations, private outlets have also followed suit:

MRS petrol stations in Lagos have raised prices to ₦925 per litre.

TotalEnergies adjusted its pumps to ₦910 per litre .

The pricing ripple reflects broader international market dynamics. Rising crude oil prices, now hovering around $78–$80 per barrel amid US‑Iran tensions, combined with a weaker naira and upward depot prices, continue to squeeze domestic fuel costs .

Economists warn that persistent fuel price hikes will likely fuel inflation, as transportation costs surge and businesses pass expenses onto consumers. With the full deregulation of the market now in effect, Nigerians can expect regular price adjustments unless domestic refining capacity eases pressure on imports.

The increase by NNPC is part of a broader market adjustment following global crude volatility and Dangote's ex-depot hike. Consumers face immediate financial strain, and inflation may climb unless supply-side reforms, including bolstering local refining, take hold.