The Nigerian National Petroleum Company Limited (NNPCL) has adjusted the pump price of petrol to ₦915 per litre across several of its retail stations in Lagos, signalling a fresh upward movement in the downstream market.
Reports from NNPCL stations in Igando, Egbeda, Ikeja, Surulere, and Ajah confirmed the new price took effect from the early hours of Monday, 23 June 2025. Fuel attendants said the adjustment aligns with rising depot and operational costs.
The hike places NNPCL’s pricing within the current retail band, as some independent marketers are already selling petrol between ₦910 and ₦920 per litre.
Key drivers of the increase include rising ex-depot rates—now up to ₦925 per litre at some Lagos terminals—as well as higher crude oil prices and foreign exchange pressures. Dangote Refinery, a major supplier, has reportedly raised its bulk PMS price to ₦880 per litre.
Analysts say more price adjustments are likely as the week progresses, particularly if depot costs continue to climb. With the downstream market fully deregulated, fuel prices are now determined by landing costs, logistics, and competition.
As the national oil company, NNPCL’s pricing decisions continue to influence broader market trends, with consumers bracing for further fluctuations.
