NNPC Raises Petrol Price To N950 Per Litre Amid Leadership Changes.
The Nigerian National Petroleum Company (NNPC) Limited has increased the price of premium motor spirit (petrol) to N925 per litre in Lagos and N950 per litre in Abuja, just hours after a major administrative shake-up within the organisation.
The latest price hike sees an increase from the previous N880 per litre. In Lagos, petrol prices at NNPC retail stations in locations such as Fadeyi, Ago Palace Way, and Second Rainbow rose from N860 to N925 per litre on Wednesday. Similarly, NNPC outlets in Federal Housing, Kubwa, raised prices by N70 per litre.
Investigations revealed that NNPC stations in Ikotun also adjusted their prices to N925 per litre, while some privately owned filling stations, such as God’s Decision, were selling for as high as N1,000 per litre. Meanwhile, NNPC stations along the Lagos-Ibadan Expressway and Ikorodu Road displayed an initial price of N930 per litre before settling at N925.
This latest adjustment reflects ongoing changes in Nigeria’s deregulated fuel market, influenced by supply costs, global oil prices, and competitive market conditions.
On 19 March, NNPC had stated that its decision to halt sales in naira was to align its revenue streams with crude oil purchase obligations, which are settled in U.S. dollars.
The price adjustment follows President Bola Tinubu’s appointment of Mr Bayo Ojulari as the new NNPC Group CEO, replacing Mele Kyari. The president also made additional changes to the NNPC board.
Earlier in December 2024, NNPC had sold petrol at N925 per litre before making several price revisions in the months that followed.
