The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of petrol to N915 per litre in Lagos and Abuja as global crude oil prices continue to rise.

The Guardian observed on Monday that the price of the product increased to N915 at some NNPC filling stations in Lagos. The latest increase marks a 6.4 per cent jump from the N860 per litre that NNPC briefly offered in March 2025.

This latest price hike is part of Nigeria’s broader post-subsidy regime, where market forces – including global oil prices and naira exchange rates – now determine the cost of Premium Motor Spirit (PMS).

Industry sources link the change to adjustments in depot prices by the Dangote Refinery, which raised its own rates due to higher crude costs and exchange rate volatility. NNPC’s move appears aimed at staying competitive and minimising operational losses.
MRS Oil Nigeria Plc, a major distributor of Dangote products, also increased its petrol price over the weekend, from N885 to N925 in Lagos and as high as N955 in the Southeast.

Energy analyst Jide Pratt noted that geopolitical tensions, including Iran’s recent move to threaten closure of the Strait of Hormuz, are fuelling fears of supply disruption. “Oil briefly touched \$78 per barrel after the Iranian parliament’s announcement,” he said. “If the situation escalates, we could be looking at prices nearing \$150 per barrel globally.”

The rising cost of importing refined petroleum products into Nigeria is compounded by a weaker naira, making foreign exchange more expensive for marketers.

While Dangote Refinery continues to play a growing role in Nigeria’s domestic fuel distribution, analysts suggest that sustained investment in local refining and stable supply are crucial to curbing further price hikes.

Petrol prices, now fully deregulated since mid-2023, remain vulnerable to global economic shocks unless Nigeria strengthens local refining capacity and improves forex access for fuel importers.