Abuja, Nigeria – The Nigerian National Petroleum Company Limited (NNPCL) has increased petrol pump prices by N25 per litre in Abuja and N35 per litre in Lagos at its retail stations, citing rising global oil prices and the ongoing deregulation of the downstream oil sector.
According to THISDAY, the new rates took effect this week, pushing petrol prices at NNPC stations in Abuja from N965 to N990 per litre, while Lagos stations saw an increase from N925 to N960 per litre.
This adjustment follows a surge in Brent crude oil prices—Nigeria’s benchmark—which now exceeds $80 per barrel.
Price Adjustments Reflect Deregulation Policy
The price revision aligns with President Bola Tinubu’s deregulation policies, which have fully linked fuel pricing to fluctuations in the international oil market.
Earlier this year, on January 23, the NNPC had reduced petrol prices at its retail outlets to N925 per litre in Lagos and N965 in Abuja from their previous rates of N1,025 and N1,040, respectively.
However, with the recent spike in crude prices, the cost of fuel at the pump has risen again, impacting consumers nationwide.
Private retailers are also adjusting their prices in response. Petrol stations owned by Shema, Bovas, AYM Shafa, and Zamson Oil along the Abuja-Keffi road have been selling fuel at prices ranging from N1,000 to N1,030 per litre, reflecting market-driven fluctuations.
Dangote Refinery Also Adjusts Pricing
Meanwhile, the Dangote refinery, a key player in Nigeria’s fuel supply chain, recently raised its ex-depot petrol price from N899 to N955 per litre, with expectations that retail pump prices may soon reach N970 per litre. This move further underscores the market-driven nature of the new pricing regime.
The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, emphasized that with full deregulation, fuel prices will continue to reflect global market conditions. “What we are witnessing now is the direct impact of international oil price fluctuations on local pump prices,” he stated.
Crackdown on Oil Theft Intensifies
In a separate development, the NNPC disclosed that it uncovered 55 illegal refineries and 29 unauthorized pipeline connections across the Niger Delta in just one week, underscoring the persistent challenge of oil theft in the region.
A video published on the company’s official YouTube channel reported that between January 11 and 17, 2025, authorities recorded 179 incidents of oil theft. These operations led to the arrest of 30 suspects and the discovery of several illegal installations.
The NNPC highlighted the ongoing industry-wide security collaboration to combat fuel theft and vandalism.
The company credited its Command and Control Centres, along with partners such as Shell Petroleum Development Company, Pipeline Infrastructure Nigeria Limited, and Maton Engineering Nigeria Limited, for the successes in these operations.
Public Reaction and Economic Concerns
The latest price hike has sparked concern among Nigerians already grappling with inflation and high living costs. Many consumers worry that the increase in fuel prices will drive up transportation fares and the cost of goods and services.
As the market continues to react to global oil dynamics, stakeholders will be closely monitoring future developments in fuel pricing and its impact on the economy.
This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members