Filling stations across Lagos, Nigeria’s commercial hub, have raised petrol prices from ₦860 to ₦930 per litre, forcing consumers to pay at least ₦70 more than they did just days ago.
The price hike has also taken effect in Abuja and major northern cities, where petrol now sells for between ₦950 and ₦970 per litre, marking an increase of ₦70 to ₦90 from last week’s ₦880 price.
Our correspondents in Lagos and Abuja observed that several filling stations, including MRS Oil & Gas, Ardova Plc, Heyden, and others with supply agreements with the Dangote Petroleum Refinery, have adjusted their pumps to reflect the new price. Major fuel retailers such as Matrix Energy, North-West Petroleum, Total Energies, Mobil, Bovas, and Enyo have also followed suit.
The new pricing regime follows Dangote Refinery’s decision to temporarily halt sales of petroleum products in Naira, citing the need to match its sales proceeds with crude oil purchase obligations, which are currently denominated in US dollars.
“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 explained in a statement earlier in March 2025.
The $20 billion refinery stated that its sales in Naira had exceeded the value of Naira-denominated crude received from the Nigerian National Petroleum Company Limited (NNPCL). As a result, it had to align its sales currency with its crude procurement currency.
Dangote Refinery, however, reassured consumers of its commitment to serving the Nigerian market and stated that it would resume selling petrol in Naira once it received crude cargoes from NNPCL in the local currency.
This development comes amid an ongoing price war between Dangote Refinery and the NNPCL.
On February 26, 2025, the refinery, owned by Africa’s richest man, Aliko Dangote, slashed its ex-depot petrol price from ₦890 to ₦825 per litre. This move led to adjusted retail prices of ₦860 per litre in Lagos, ₦870 in the South-West, ₦880 in the North, and ₦890 in the South-South and South-East.
In response, the NNPCL quickly reduced its own retail price from ₦945 to ₦860 per litre in Lagos, with corresponding adjustments at its outlets across the country.
