Petrol Prices Reach ₦1,080 Per Litre in Lagos as Global Oil Prices Soar

Petrol Prices Reach ₦1,080 Per Litre in Lagos as Global Oil Prices Soar

Petrol prices in Lagos State have surged to as high as ₦1,080 per litre amid rising global crude oil prices and ongoing geopolitical tensions in the Middle East. Market surveys conducted across several filling stations on Saturday revealed that the price of Premium Motor Spirit (PMS) now ranges between ₦1,020 and ₦1,080 per litre, depending on location and station.

The increase follows a recent adjustment in the ex-depot price by the Dangote Petroleum Refinery, which raised its gantry price from ₦874 to ₦995 per litre. This adjustment determines the cost at which fuel marketers purchase petrol before selling it to consumers. Analysts say the hike is linked to rising global crude prices, foreign exchange pressures, and distribution costs.

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As of the latest trading session, Brent crude was priced at about $92.69 per barrel, driven by hostilities involving the United States, Israel, and Iran, which have raised concerns over potential disruptions in global oil supply. Energy experts warn that continued volatility in international oil markets could push domestic petrol prices in Nigeria even higher, possibly approaching ₦1,100 per litre in the coming weeks.

The price spike is not limited to Lagos. Reports from Ibadan indicate that petrol is selling at up to ₦1,200 per litre in some areas. Consumers and transport operators have expressed concerns, noting that higher fuel prices will increase transport fares, logistics costs, and the overall cost of living.

The Dangote Petroleum Refinery stated that its pricing adjustments reflect market realities and operational costs, and the refinery has absorbed part of the increase to ease the burden on consumers. Nevertheless, analysts advise Nigerians to expect continued fluctuations in petrol prices as global supply and geopolitical factors evolve.

Petrol Prices Reach ₦1,080 Per Litre in Lagos as Global Oil Prices Soar