The Nigerian National Petroleum Company Limited (NNPCL) has revised the retail price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦915 per litre at its outlets in Lagos and Abuja. This adjustment marks a 6.4% increase from the previously reduced rate of ₦860 per litre recorded in March 2025.
Several NNPC filling stations, including those along Kudirat Abiola Way in Ikeja and the Nyanya-Abuja Expressway, were observed to have reprogrammed their dispensing pumps to reflect the new pricing as of Monday.
The upward adjustment is part of the ongoing post-subsidy reality in Nigeria, where fuel prices are now largely influenced by prevailing market dynamics, particularly international crude oil prices and fluctuations in the naira’s exchange rate.
This new price point surpasses earlier pump rates of ₦860 in Lagos and ₦865 in Abuja, and follows an industry-wide response to shifting economic conditions, notably the depot price hike initiated by Dangote Refinery. The refinery’s upward adjustment in wholesale prices reportedly triggered NNPC’s price revision to remain competitive and avoid financial losses.
Analysts point to broader global developments as key drivers of the pricing trend. A report by Nairametrics quoted economic expert Jide Pratt, who noted the influence of geopolitical instability on oil markets.
“Iran’s role as a major oil producer makes it a key trigger for global crude prices. Following the bombing, Brent crude briefly rose to $78 before settling around $73,” Pratt stated.
He cautioned that, should regional tensions intensify further, global oil prices could rise sharply, increasing the cost of refined petroleum products like petrol, both in Nigeria and abroad.
Fuel pricing in Nigeria remains volatile and closely tied to foreign exchange and international oil benchmarks. Experts say price stability may only return if the naira regains strength, crude oil supplies remain consistent, and domestic refining output improves significantly.
Although the Dangote Refinery has emerged as a central player in Nigeria’s fuel supply chain, stakeholders emphasise that increased competition from other domestic refiners could ease consumer prices in the long term.
Earlier in the year, petrol prices had temporarily dropped to ₦860 per litre from ₦945, largely due to a short-term dip in global crude prices and improved supply logistics. However, that relief proved brief amid mounting cost pressures from global markets.
Recent global events have further exacerbated fuel price concerns. In retaliation for U.S.-led military strikes on its nuclear facilities, Iran’s parliament moved to authorise the closure of the Strait of Hormuz—a critical maritime passage for global oil shipments. If implemented, experts warn that such an action could trigger a massive surge in crude prices, potentially pushing rates from under $80 to as high as $150 per barrel.
Adding to the price volatility, MRS Oil Nigeria Plc, a major retailer of products from Dangote Refinery, also adjusted its prices. As of Saturday, June 21, 2025, the company increased its retail rate from ₦885 to ₦925 per litre at its Lagos outlets, citing similar market pressures stemming from global crude price fluctuations and geopolitical tensions in the Middle East.
With fuel costs rising and the economic implications growing heavier, many Nigerians continue to call for urgent solutions—including aggressive investment in local refining capacity, foreign exchange stability, and transparent regulatory oversight—to cushion consumers against price shocks.
