Olayiwola Matthew
The Nigerian National Petroleum Company (NNPC) Limited has increased the price of Premium Motor Spirit (PMS), fondly called petrol, to N950 per litre, in the Federal Capital Territory (FCT), Abuja.
The NNPC Limited also increased petrol price to N925 per litre at its retail outlets in Lagos State.
Reports said that the national oil company, on Wednesday, April 2, 2025, increased the price of petrol from the previous price of N880 per litre in Abuja.
This showed that the price of the product was raised by N70 in the nation’s capital. It was also increased by N65 in Lagos.
The development follows similar increments at some filling stations after the Dangote refinery’s decision to temporarily halt the sales of petroleum products in naira as negotiations for the naira-for-crude deal stall.
Dangote refinery and other refiners agreed with the federal government to sell petroleum products in naira in exchange for the sale of crude oil in the local currency last year.
The agreement was meant to reduce the impact of foreign exchange on the sale of crude oil and petroleum products, and reduce pressure on naira.
However, parties involved in the deal have not agreed to a new contract as the initial contract expires at the end of March 20, forcing Dangote refinery to source for crude oil in the international market.
Nigeria commenced the sale of crude oil and refined petroleum products in naira to local refineries on October 1, 2024.