The Nigerian National Petroleum Company Limited (NNPCL) has once again adjusted petrol pump prices upward in Lagos, with stations now dispensing Premium Motor Spirit (PMS) at ₦925 per litre, an increase of ₦10 from ₦915 reported just 24 hours earlier. However, NNPCL stations in Abuja have yet to reflect any changes and continue selling at ₦945 per litre.
Lagos Stations Reflect New Benchmark
Our field correspondents confirmed that several NNPCL outlets across key locations in Lagos, including Igando, Egbeda, Surulere, Ajah, and Ikeja, revised their pump price to ₦925 per litre as of Thursday, June 26, 2025. This move comes barely a day after these same stations had adjusted prices from ₦870 to ₦915, suggesting a fast-evolving response to upstream cost pressures.
Private marketers appear to be matching pace, with MRS stations—strategic partners of Dangote Refinery—now retailing at ₦935 per litre in some parts of Lagos, up from ₦925. TotalEnergies remains at ₦910, while independent marketers like Oluwafemi Arowolo Petroleum in Iba have pushed pump rates to ₦920/L.
Global Oil Prices Fuel Market Strain
Global crude prices continue to shape Nigeria’s downstream market dynamics. As of Thursday, Brent crude rose to $68.13 per barrel (+0.66%), while WTI stood at $65.40 (+0.74%) and Murban at $68.24 (+0.24%).
Although prices have eased from last week’s post-strike spike—when Brent neared $77, the recent volatility has already filtered into Nigeria’s supply chain.
Analysts say unless global benchmarks drop further and stabilize, domestic fuel prices may stay elevated—fueled partly by speculative responses across the value chain.
Abuja Stands Pat at ₦945/Litre
Despite the changes in Lagos, Abuja NNPCL outlets remain unchanged at ₦945/litre. Locations such as Kubwa’s Federal Housing estate and the mega station along Obasanjo Way displayed the same price as on Monday. Other retailers like AYM Shafa, AA Rano, and NIPCO in the capital city continue selling at ₦955/litre.
Market Reaction and Outlook
The continued uptick in pump prices is drawing renewed concern from consumers and analysts alike. Many fear that the cascading effect will further accelerate inflation, especially as transport costs spike and food supply chains absorb the burden.
According to Olatide Jeremiah, CEO of Petroleumprice.ng, “Depot owners are taking advantage of market uncertainty to apply speculative pricing. A 3% rise in crude prices should not translate to 10% hikes in depot rates.”
Jeremiah warned that if unchecked, retail prices could cross ₦1,000/L in the coming weeks, especially if Brent crude returns to above $70 per barrel amid continued global tension. For now, the oil market has cooled slightly, with Brent dropping to $68.13 and WTI to $65.40 following the cease-fire agreement between Israel and Iran, despite last weekend’s highs.
Price Uncertainty
With NNPCL now selling petrol at ₦925/L in Lagos and ₦945/L in Abuja, Nigerians are bracing for further price shifts. As depot margins widen and supply volatility persists, the promise of deregulation delivering stable pricing remains under pressure, raising urgent questions about market regulation, fairness, and economic resilience.
