The Nigerian National Petroleum Company Limited (NNPCL) has adjusted its petrol pump price to ₦915 per litre at several of its Lagos retail outlets, marking a fresh upward shift in the downstream retail market.
According to our on-field reporters on Monday, June 23, 2025, NNPCL stations in Igando and Egbeda, Ikeja, Surulere and Ajah are now dispensing Premium Motor Spirit (PMS) at ₦915/litre, aligning with current market trends driven by rising depot costs and global crude oil prices.
Strategic Locations Reflect Uniform Pricing
Fuel attendants and independent observers confirmed that both NNPCL Igando and NNPCL Egbeda began selling at the new rate of ₦915/litre from the early hours of Monday morning. The adjustment appears to reflect a broader pricing policy by the national oil company, aimed at keeping pace with supply costs while maintaining retail consistency across key Lagos zones.
While some private marketers in Lagos are currently retailing PMS between ₦910 and ₦920 per litre, NNPCL’s latest move places it within the competitive band while reinforcing its market presence.
Why the Petrol Increase?
The price hike comes amid several interlinked factors:
- Rising Depot Prices: Ex-depot prices at Lagos terminals have climbed steadily in recent weeks. Dangote Refinery, a key supplier, recently adjusted its PMS price to ₦880 per litre at bulk level.
- Global Crude Costs: Brent crude is trading around $78 per barrel, driven by geopolitical tension and tightening supply, which directly affects domestic pricing.
- Logistics and FX Pressure: Marketers continue to face high transport costs, foreign exchange volatility, and operational expenses, which are factored into pump prices.
Market Outlook
Analysts expect more adjustments from other retailers as the week progresses, especially if depot prices increase further. As of June 23, major Lagos depots like Wosbab, NIPCO, and Pinnacle are already selling PMS between ₦920 and ₦925, reflecting upstream cost pressure.
The Nigerian downstream market, now fully deregulated, allows marketers to set retail prices based on landing costs, logistics, and competition. However, with NNPCL seen as a stabilising force in the fuel supply chain, its pricing moves are closely watched by consumers and industry players alike.
With NNPCL adjusting pump prices to ₦915/litre across its Lagos stations, including Igando and Egbeda, the direction for fuel costs remains upward in the short term. As crude oil prices hold firm and depot charges continue to climb, Nigerians should prepare for further fluctuations at the pump in the coming days.
For verified retail and depot price updates, visit Petroleumprice.ng.
