Petrol prices have surged again in Nigeria, with several filling stations in Lagos and Abuja increasing the pump price of Premium Motor Spirit (PMS) to over ₦1,000 per litre.
Gatekeepers News reports that a survey of retail outlets on Saturday showed that petrol is now being sold for as high as ₦1,040 per litre in Lagos and ₦1,080 per litre in Abuja, marking a fresh increase in the cost of fuel across the country.
The adjustment follows a recent upward review of petrol prices by Dangote Petroleum Refinery, which reportedly raised its ex-gantry price to about ₦995 per litre. Retailers typically adjust pump prices shortly after such changes in depot prices.
Checks across several filling stations in Lagos revealed that outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) in areas such as Ilasa, Apple Junction, and Ago Palace Way were dispensing petrol at ₦1,040 per litre, up from the previous price of about ₦993 per litre, indicating an increase of roughly ₦47 per litre.
Other stations also adjusted their prices. For instance, Emadeb Energy and PM Petroleum along the Oshodi–Apapa Expressway sold petrol at ₦1,040 per litre, while a Techno Oil outlet in Festac priced the product at about ₦1,050 per litre. Some MRS stations in Lagos reportedly sold the fuel for around ₦1,057 per litre.
In the federal capital, the price was even higher in some locations. A Gegu Oil Nigeria filling station along the Kubwa Expressway sold petrol for about ₦1,050 per litre, while Empire Energy outlets dispensed the product at ₦1,080 per litre. However, a few stations still maintained lower prices, with an AP outlet reportedly selling petrol for around ₦959 per litre.
Industry analysts attribute the latest price hike partly to rising global crude oil prices amid escalating geopolitical tensions involving the United States, Israel, and Iran, which have pushed international oil prices upward. Reports indicate that crude oil recently climbed to about $91 per barrel, increasing the cost of refined petroleum products worldwide.
