By Olawale Lamina
The Nigerian National Petroleum Company Limited which once restrained itself has now hiked the pump price of petrol also known as PMS to N925 per litre at its retail stations in Lagos State and N950 per litre in Abuja, the Federal Capital Territory, FCT.
NNPC’s change in price took effect from April 2, 2025.
The new price regime is an increase of N65 from the previous price of N860 per litre in Lagos and an N70 difference from the N880 previously in the North.
The Pinnacle Times had reported early in the week how the Dangorte Refinery, ( the single largest) succeeded in exporting refined petroleum product to the US and Saudi markets following the discontinuation of the Naira for Crude deal with the NNPCL which industry watchers stated automatically responded to the forces of demand and supply in foreign currency and bringing about an upward review of the price of petrol from the refinery and suggesting that the development will trigger similar increase by the NNPCL.
The MRS, Dangorte Refinery partner and other independent marketers increased the price of PMS last week to N930 per litre in Lagos and N960 in the northern part of the country.
On the whole, the new price regime is equally a reflection of ongoing changes in Nigeria’s deregulated fuel market and follows shifts in market competition, supply costs, and global oil price trends.
Coincidentally, the price increase emerged on the heels of a new leadership at the NNPCL. following the appointment of Engr. Bayo Ojulari to replace Mele Kyari and the board of the company in the early hours of Wednesday.
Meanwhile, President Bola Tinubu has travelled to Paris, according to a video shared by the Presid
His trip this time was described as a ‘Short Working Visit.’
The President before his departure was seen off by the Secretary to the Government of the Federation, Senator George Akume, Minister of Finance, Wale Edun, FCT Minister Nyesom Wike, Budget and Economic Planning Minister, Atiku Bagudu, National Security Adviser, Nuhu Ribadu, among others.
About The Author
