Petrol Price Soars to ₦945 in Abuja, ₦915 in Lagos as NNPCL Adjusts Pump Rates Amid Global Tension

Nigerians woke up on Monday, June 24, 2025, to a fresh wave of petrol price hikes as the Nigerian National Petroleum Company Limited (NNPCL) revised its pump rates to ₦945 per litre in Abuja and ₦915 in Lagos, intensifying economic pressure on already struggling citizens. The new price marks an increase of ₦35 in the FCT and ₦45 in Lagos from previous figures of ₦910 and ₦870, respectively.

At NNPC-owned retail outlets in Kubwa Federal Housing and along Obasanjo Way in Abuja, signage reflecting the new ₦945 price was prominently displayed. Lagos stations in Igando and along the Badagry Expressway were not left out, also showing the adjusted ₦915 rate. This comes on the heels of Dangote Refinery raising its ex-depot price from ₦825 to ₦880 per litre just days earlier, sending shockwaves through the downstream market.

Independent and major marketers have followed suit. MRS filling stations are now selling at ₦925 in Lagos, while TotalEnergies displays ₦910 per litre. Oluwafemi Arowolo Petroleum in Iba has adjusted to ₦920. Depot owners including Pinnacle, Wosbab, and NIPCO are reportedly selling at between ₦920 and ₦925 per litre as of June 23, citing international crude fluctuations and a weak naira.

Global market volatility is worsening the situation. Tensions in the Middle East, particularly following joint U.S.-Israeli airstrikes on Iranian nuclear facilities over the weekend, have driven oil price speculation past the $79 per barrel mark, inching closer to the $80 threshold. Analysts warn this could spell further hikes for petrol across Nigeria, where full deregulation offers no consumer price protection.

Olatide Jeremiah, CEO of PetroleumPrice.ng, predicted that without a regulatory or market intervention, depot prices may cross ₦1,000 per litre soon. “If crude hits $80 and Dangote pauses supply again, depot owners will hike prices to ₦1,000. The only current check against this spiral is consistent supply from the Dangote Refinery at ₦880 for two million litres,” he said.

The ripple effects are already visible across households, transport operators, and small businesses. Commuters are paying more, logistics firms are revising delivery fees, and market traders are warning of another inflationary surge. With food prices already soaring and minimum wage talks unresolved, many Nigerians fear this new fuel price hike may push millions deeper into poverty.

Calls are mounting for urgent government intervention or a more structured regulatory mechanism to stabilize fuel prices and protect consumers in the absence of subsidy. But as it stands, the country’s fuel market remains exposed to global oil politics and the whims of private sector depot pricing.