The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of petrol to N950 per litre in Abuja, up from the previous N880 per litre. In Lagos, the price rose to N925 per litre from N860 per litre, particularly at retail outlets in Ago Palace Way and Second Rainbow.
The price hike follows recent supply disruptions after the Dangote Refinery halted the sale of petroleum products in naira. On March 19, the refinery announced that it was temporarily suspending naira transactions due to a mismatch between its sales proceeds and crude oil purchase obligations, which are currently denominated in U.S. dollars.
The government had initiated a naira-for-crude deal on October 1, 2024, to enhance local supply and cut import costs. However, NNPC halted this agreement until 2030, having forward-sold its crude oil. The firm confirmed that negotiations for a new deal with Dangote Refinery are ongoing.