The Nigerian National Petroleum Company Limited (NNPCL) has officially raised the pump price of Premium Motor Spirit (PMS), also known as petrol, to N915 per litre in Lagos, marking a N15 increase from the previous N870. Despite the increment, NNPC’s new rate remains lower than that of most major private marketers like Ardova, MRS, and Mobil, which have adjusted their prices above the N920 benchmark across the country.
This latest development, which took effect on Sunday, June 22, 2025, reflects the growing volatility in global crude markets and the cascading effect on local fuel distribution, particularly after Dangote Petroleum Refinery adjusted its ex-depot petrol price to N880 per litre—a N55 increase from the previous N828.
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Fuel stations operated by major marketers such as Ardova, MRS Oil Nigeria, Petrocam, Matrix, Technoil, and Optima Energy have followed Dangote’s lead. Ardova now dispenses petrol at N930 per litre (up from N865), while MRS sells at N925 in Lagos and N955 in the North-East and South-East, signaling a nationwide upward review.
Below is a breakdown of MRS’s updated pump prices by region:
Lagos: N925
South-West: N935
North-West & North-Central: N945
South-South & South-East: N955
North-East: N955
Despite NNPC’s relatively lower price, its adjustment still mirrors the inflationary pressure Nigerians are facing, especially with transportation costs expected to climb further.
The hike in petrol prices correlates with global crude oil market tension. According to Reuters, Brent crude surged by nearly 3% to $78.85 per barrel, its highest since January 22. Similarly, U.S. West Texas Intermediate (WTI) crude rose by 2.7% to $77.20 per barrel amid escalating hostilities between Israel and Iran.
These global developments have a direct ripple effect on Nigeria’s downstream sector, despite the country’s oil-producing status. Notably, Aliko Dangote, founder of the Dangote Refinery, recently disclosed that his 650,000-barrel-per-day facility now sources a significant portion of its crude supply from the United States. This strategic move, aimed at ensuring quality and stability, has made the refinery’s pricing susceptible to international oil market fluctuations and the naira-dollar exchange rate.
While private marketers align their prices with Dangote’s refinery benchmarks, the NNPC’s pricing remains a critical reference for consumers, regulators, and stakeholders. Many commuters and small businesses rely on NNPC-operated stations for relatively cheaper fuel, even if queues are longer.
Amos, a pump attendant at an NNPC filling station in Lagos, confirmed the price hike during an interview with Legit.ng. “Our manager was instructed on Sunday morning to adjust the pump price to N915. Before now, we sold at N870,” he revealed.
With transport costs poised to increase further, the pressure on inflation is likely to persist. This is especially concerning for low-income earners and small-scale enterprises. Already, logistic operators and ride-hailing drivers are adjusting fares in response to rising operational costs.
Economic analysts argue that while market-determined pricing was inevitable post-subsidy, the government must introduce effective buffers like public transport subsidies, support for Compressed Natural Gas (CNG) conversion, and robust price monitoring to protect citizens from price gouging.
As Dangote’s refinery continues to shape Nigeria’s downstream oil pricing, experts predict further price reviews, particularly if global oil tensions escalate. The refinery’s decision to import U.S. crude—although commercially strategic—exposes Nigeria’s domestic petrol supply to international shocks and currency volatility.
Moving forward, the federal government’s proposed energy sector reform, including CNG rollout, pipeline security, and local crude contracting, will be crucial to stabilising pump prices and ensuring supply adequacy.