Fuel prices in Lagos and major Nigerian cities have surged yet again, with filling stations now selling petrol at ₦930 per litre—an increase of ₦70 from the previous ₦860 per litre.
Thank you for reading this post, don't forget to subscribe!The price hike is not limited to Lagos. Reports from Abuja and northern states indicate that petrol now sells between ₦950 and ₦970 per litre, marking an increase of ₦70 to ₦90 per litre compared to last week’s price of ₦880 per litre.
Filling Stations Adjust Prices
Several filling stations, including MRS Oil & Gas, Ardova Plc, Heyden, Matrix Energy, North-West Petroleum, Total Energies, Mobil, Bovas, and Enyo, have adjusted their pumps to reflect the new pricing.
📌 RELATED: Petrol Will Rise Above ₦1,000 If NNPCL, Dangote End Price War
Dangote Refinery Halts Naira Transactions
The latest price adjustment follows Dangote Refinery’s decision to temporarily stop selling petroleum products in Naira.
🚨 “This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars,” the company stated in March 2025.
The $20 billion Dangote Refinery revealed that it had sold more fuel in Naira than the amount of Naira-denominated crude it received from the Nigerian National Petroleum Company Limited (NNPCL). Consequently, the company decided to sell only in dollars until it receives new crude cargoes from NNPCL in Naira.
Petrol Price War Between Dangote and NNPCL
In February 2025, the Dangote Refinery slashed its ex-depot price from ₦890 to ₦825 per litre, causing petrol prices at outlets to drop to:
• ₦860 per litre in Lagos
• ₦870 per litre in the South-West
• ₦880 per litre in the North
• ₦890 per litre in the South-South and South-East
📌 In response, the NNPCL cut its retail prices, bringing Lagos pump prices down to ₦860 per litre at its stations.
Government’s Role in the Crisis
To reduce pressure on the dollar and stabilize fuel prices, the Federal Executive Council (FEC) directed the NNPCL to sell crude to Dangote Refinery in Naira back in July 2024. However, this agreement expired in March 2025, and negotiations for renewal are still ongoing.
Since October 2024, the NNPCL has supplied Dangote with over 48 million barrels of crude oil under the Naira-denominated agreement, and 84 million barrels since the refinery began operations in 2023.
Nigerians Face Rising Costs
Nigeria has faced skyrocketing fuel prices since President Bola Tinubu removed the petrol subsidy in May 2023, causing prices to jump from ₦200 per litre to over ₦1,000 per litre. The crisis has worsened due to:
✅ The devaluation of the Naira
✅ Operational challenges at state-owned refineries
✅ Dollar scarcity affecting fuel importation
Despite the recent reactivation of the Port Harcourt Refinery, Nigeria remains heavily reliant on imported petroleum products. Fuel queues and high energy costs continue to frustrate citizens who depend on petrol to power vehicles and generators amid persistent electricity shortages.
💡 What do you think about the recent fuel price hike? Let us know in the comments.
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