Nigerians woke up to a fresh dose of hardship on April 2, 2025, as the Nigerian National Petroleum Company Limited (NNPCL) announced yet another increase in petrol pump prices, raising the cost to N925 per litre in Lagos and a staggering N950 per litre in Abuja. The latest hike, which follows similar moves by MRS and independent marketers—who had already set prices at N930 in Lagos and N960 in northern states—has left many citizens reeling under the weight of economic uncertainty.
The timing of this increase could not be more telling, coinciding almost perfectly with President Bola Ahmed Tinubu’s appointment of Bayo Ojulari as the new Group CEO of NNPCL, replacing Mele Kyari in a major leadership shake-up. And what better way to introduce himself than with a ‘welcome bonus’ that sends petrol prices soaring and household budgets crashing?
According to industry insiders, the latest adjustment stems from the continued deregulation of the petroleum sector, coupled with rising global oil prices and persistent exchange rate fluctuations. Dangote Refinery’s recent decision to halt naira-based petroleum sales has only compounded the crisis, leaving consumers with no choice but to pay through their noses for a commodity that fuels virtually every aspect of daily life in Nigeria.
For many, the fuel price hike is yet another bitter pill to swallow, especially in a country where inflation is already running rampant, and incomes are struggling to keep pace with the ever-rising cost of living. Small businesses, transport operators, and ordinary citizens are bracing for the inevitable ripple effects, with transport fares and the prices of goods and services expected to climb yet again.
While the NNPCL has yet to provide a detailed breakdown of the factors driving this latest price surge, critics argue that the government’s approach to subsidy removal and fuel market liberalization has done little to alleviate the suffering of the masses. Instead, it has paved the way for unchecked price increases, with little in the way of tangible benefits for the average Nigerian.
As Bayo Ojulari settles into his new role, Nigerians are left wondering whether this is just the beginning of a new wave of economic shocks—or if, perhaps, this ‘welcome bonus’ is merely a preview of what lies ahead under his leadership. One thing is certain: the cost of living in Nigeria just got even higher, and the people are once again left to bear the brunt of policies that seem to favor profit margins over public welfare.
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