The Nigerian National Petroleum Company (NNPC) Limited has raised the pump price of Premium Motor Spirit (petrol) to N945 per litre in the Federal Capital Territory (FCT) as of June 23, 2025. In Lagos, petrol is now priced at N915 per litre, marking an increase of N45, while Abuja saw a rise of N35 from the previous rates of N870 and N910, respectively.
Ibadan also experienced a price hike, with petrol now selling for N925 per litre at NNPC outlets. This adjustment follows a similar increase by the Dangote Petroleum Refinery, which raised its ex-depot petrol price from N825 to N880 per litre, prompting a broader market response among retailers nationwide.
The fuel price increase comes amid ongoing global oil market volatility, exacerbated by geopolitical tensions. Recent military actions by the U.S., including attacks on Iranian nuclear facilities, have raised concerns about potential spikes in global oil prices.
As markets adjust, analysts predict sharp volatility and increased scrutiny of inflation forecasts, with the U.S. actions marking a significant shift in investor expectations regarding energy prices and economic stability.
