Petrol Hike Hits Lagos, Abuja Following Refinery Price Increase

Petrol Hike Hits Lagos, Abuja Following Refinery Price Increase

Motorists in Lagos and Abuja are grappling with higher fuel costs as the pump price of Premium Motor Spirit (PMS), commonly known as petrol, has climbed to over N1,000 per litre at several filling stations.

The latest increase follows a recent upward review in the ex-depot price of petrol by the Dangote Refinery, which raised its ex-gantry price to N995 per litre. The adjustment has since triggered a wave of price changes among retail marketers across major cities.

A survey of filling stations on Saturday showed that petrol now sells for as much as N1,040 per litre in parts of Lagos. Retail outlets operated by NNPC Limited in areas such as Ilasa, Apple Junction and Ago Palace Way were dispensing the product at the new rate, marking an increase of N47 from the previous price of N993 per litre.

Other stations also adjusted their pump prices to reflect the new market reality. Retail outlets belonging to Emadeb Energy and PM Petroleum along the Oshodi–Apapa Expressway were selling petrol at N1,040 per litre.

In Festac Town, a station run by Techno Oil listed the product at N1,050 per litre, while filling stations operated by MRS Oil Nigeria sold petrol for N1,057 per litre.

A similar trend was observed in the nation’s capital, where prices also rose across several outlets. At a station operated by Gegu Oil Nigeria along the Kubwa Expressway, petrol was sold at N1,050 per litre.

Another retail outlet, Empire Energy, dispensed the product at N1,080 per litre, one of the highest prices recorded in the city.

However, a filling station operated by Ardova Plc offered a relatively lower price, selling petrol at N959 per litre.

Industry observers attribute the latest adjustments partly to developments in the international oil market, where rising geopolitical tensions have pushed crude oil prices upward.

Global crude prices surged to around $91 per barrel on Friday amid escalating tensions involving the United States, Israel and Iran in the Middle East.

Energy analysts warn that continued volatility in the global oil market could exert further pressure on domestic fuel prices in Nigeria in the coming weeks.

For consumers already burdened by rising living costs, the latest increase in petrol prices is expected to translate into higher transportation fares and increased prices of goods and services nationwide.