Petrol prices rose across several filling stations in Lagos and Abuja on Saturday, a day after the Dangote refinery increased its ex-gantry price to N995 per litre.
Checks across retail outlets showed that many marketers adjusted their pump prices upward, with motorists in both cities now paying above N1,000 per litre in several locations. At Nigerian National Petroleum Company (NNPC) retail outlets in Ilasa and Governors’ Road, Ikotun in Lagos, petrol sold for N1,040 per litre, up by N47 from the previous price of N993 per litre, and Other marketers also reviewed their rates.
Emadeb Energy and PM Petroleum stations along the Oshodi-Apapa Expressway sold petrol at N1,040 per litre, while Techno Oil dispensed the product at N1,050 per litre. MRS filling stations in Lagos sold petrol at N1,057 per litre.
In Abuja, Gegu Oil Nigeria along the Kubwa Expressway sold petrol at N1,050 per litre, while Empire Energy stations dispensed the product at N1,080 per litre. At an AP filling station, however, petrol is sold at N959 per litre. The fresh adjustment followed Dangote refinery’s upward review of its ex-depot price, a development that is expected to influence retail pricing across the downstream market.
The increase also came amid heightened tensions in the Middle East, which have continued to rattle the global oil market. Crude oil prices rose to $91 per barrel on Friday as the conflict involving the United States, Israel and Iran deepened across the region, disrupting shipments through the Strait of Hormuz, a critical route for global oil and gas supplies. The disruption has further intensified concerns over energy supply and added pressure to petroleum prices.
The latest hike has already increased pressure on transport fares, business operating costs and household spending, especially as many Nigerians continue to grapple with rising living expenses. With crude prices climbing and domestic supply costs rising, petrol prices may remain under upward pressure in the near term.
