- The Federal Government’s failure to renew the Crude for Naira agreement between NNPC Limited and Dangote Refinery is set to increase petrol pump prices in Nigeria.
- The expired agreement, which allowed NNPC Limited to supply crude oil to Dangote Refinery with payments made in Naira, had reduced petrol prices from over N1,000 per litre to around N820.
- Dangote Refinery has halted the sale of petrol products to the domestic market in Naira, leading to concerns of rising petrol prices.
- Petrol prices have already risen across the country, with new pump prices reaching up to N960 per litre.
- Private oil depots have increased the price of petrol to N900 per litre due to rising crude oil prices and other global market factors.
The failure to renew the Crude for Naira agreement, combined with rising global crude oil prices, is expected to push petrol pump prices higher across Nigeria. The adjustments, which became effective from March 28, 2025, indicate higher prices across major cities, with Lagos having the lowest rates and northern states recording the highest.
