Filling stations in Lagos, Nigeria’s commercial capital city, have increased the price of a litre of petrol from ₦860 to ₦930, making consumers pay at least ₦70 more than what it used to cost them to buy a litre of the premium commodity days ago.
The price increase has also become effective in parts of the country like Abuja and major northern cities with oil outlets now selling a litre of petrol between ₦950 to ₦970, depending on the filling stations. This represented a sharp increase of about ₦70 to ₦90 from the initial price of ₦880 last week.
Channels correspondents in Lagos and Abuja observed that filling stations like MRS Oil & Gas, Ardova Plc, Heyden, and others with special agreements with the Dangote Petroleum Refinery have adjusted their pumps to the new price.
Petrol stations like Matrix Energy, North-West Petroleum, Total Energies, Mobil, Bovas, Enyo, amongst others also followed suit.
“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 said in a statement earlier in March 2025.
The $20bn refinery based in Lagos said the sales of its products in Naira have exceeded the value of Naira-denominated crude it has received from the Nigerian National Petroleum Company Limited (NNPCL).
“As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the company explained.
The refinery said it remained committed to serving the Nigerian market and would resume the sale of its product to the local market in Naira as soon as it received crude cargoes from the NNPCL in Naira.
The announcement by the refinery came amid its price war with the NNPCL.
On February 26, 2025, the $20bn refinery owned by Africa’s richest man and industrialist Aliko Dangote, slashed the ex-depot price of petrol from ₦890 to ₦825 per litre.
Under the new arrangement, customers purchase the premium commodity at ₦860 per litre at selected outlets in Lagos, ₦870 in the South-West, ₦880 in the North, and ₦890 in the South-South and South-East. Dangote has also reduced the price of diesel in recent times.
Almost immediately, the NNPCL reduced its retail price from ₦945 to ₦860 in Lagos, with a similar price reduction reflection at NNPCL outlets in other states of the Federation.
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