Fuel Prices Hit N1,200 per Litre, NNPC Stations Announce Increase
by by Dave Ibemere · Legit.ng News · Join- Petrol prices in some parts of Lagos are now sold as high as N1,200 per litre amid changes across filling stations in the country
- The NNPC limited retail stations have also made changes in the cost of one litre of fuel in Lagos, Abuja
- The increase in fuel prices has been attributed to global market conditions, which have raised operational costs
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Filling stations across the country, including those owned by the Nigerian National Petroleum Corporation (NNPC) Limited, have all adjusted their pump price of the Premium Motor Spirit, also known as petrol.
Checks by Legit.ng at various filling stations show that a litre of petrol is sold for between N970 and N1,200.
The Punch reports that retail outlets owned by the NNPC Limited now sell at N965 to N990 per litre in the Federal Capital Territory.
While the NNPCL pump price in Lagos has been adjusted from N925 to N960 per litre.
Dangote makes petrol cheaper
Ealier, Legit.ng reported that the Dangote Refinery partnered with MRS filling station, Ardova and Heyden to sell its petrol at N970 per litre nationwide.
Dangote explained in a statement that the price adjustment reflects ongoing market dynamics and aligns with the deregulation policy in the petroleum sector, which allows prices to fluctuate based on supply and demand.
The statement reads:
"We wish to clarify that the recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices. As crude remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product.
"All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide. We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT)."
Nigerians lament new few prices
Speaking to Legit.ng a commercial driver Akeem lamented the new pump price increase.
He said:
"I don’t understand why we are still talking about an increase. I thought we now have the Dangote Refinery and the Port Harcourt Refinery working, and our problems would be solved.
"Yesterday, and even today, I paid N1,100 for one litre, while the black market sells as high as N1,200.
"The government should do something about it. It is not easy for us."
Prices of Nigeria’s crude oil grades in international market
Legit.ng earlier reported that Nigeria's crude oil grades have started 2025 with a collective price increase in the international market.
This development is positive for the federal government and the Central Bank of Nigeria, both of which are desperate for dollar earnings.
Nigeria’s crude oil grades include Bonny Light, Brass River, Qua Iboe, and other key grades.