Petrol prices have increased across Nigeria, with new pump prices reaching up to ₦960 per litre, according to the latest price list from MRS Oil & Gas. The changes, effective March 28, 2025, show varying prices across regions, with Lagos having the lowest rates and northern states seeing the highest.
Price breakdown across regions
In Lagos, petrol will sell for ₦930 per litre, while states in the South West, including Ogun, Oyo, Osun, Ekiti, Kwara, and Ondo, will pay ₦940 per litre.
For the South South and South East regions, including Edo, Abia, Akwa Ibom, Bayelsa, Rivers, Cross River, and Enugu, the price is now ₦960 per litre.
The North has mixed prices. Abuja, Kaduna, Benue, Kogi, Niger, Sokoto, Kebbi, and Nasarawa will pay ₦950 per litre, while Zamfara, Kano, Jos, Bauchi, Taraba, Adamawa, Borno, Katsina, Jigawa, Gombe, and Yobe will pay ₦960 per litre.
Wholesale prices and depot costs
The Free Carrier Agreement (FCA) price, which determines how much marketers pay before selling fuel, also varies. Lagos has the lowest FCA price at ₦905 per litre, while states like Borno, Taraba, Adamawa, and Yobe have FCA prices around ₦888 per litre.
Impact on consumers and businesses
The increase in petrol prices may lead to higher transport costs and rising prices of goods and services. Independent marketers continue to struggle with foreign exchange rates and distribution expenses, affecting fuel availability in some areas.
Industry experts say that prices could stabilise when the Dangote Refinery starts selling fuel in naira, once it secures crude oil from NNPC. Until then, Nigerians will have to deal with the higher costs at filling stations nationwide.