Petrol prices climb above ₦1,000 per Litre in Lagos, Abuja
Fuel prices have surged across major Nigerian cities, with petrol now selling above ₦1,000 per litre in Lagos and Abuja following a fresh adjustment in the downstream petroleum market.
A survey of filling stations in Lagos and the Federal Capital Territory showed that Premium Motor Spirit (PMS) is currently retailing for about ₦1,040 per litre in Lagos and up to ₦1,080 per litre in Abuja as marketers revise pump prices upward.
The increase came shortly after Dangote Refinery raised its ex-gantry price of petrol to ₦995 per litre, prompting retail outlets to adjust their prices accordingly.
Western Post reports that at several NNPC Limited retail stations in Ilasa, Apple Junction and Ago Palace Way in Lagos, petrol was sold for ₦1,040 per litre, representing a rise from the previous price of ₦993 per litre.
Other outlets such as Emadeb Energy and PM Petroleum along the Oshodi–Apapa Expressway also sold the product at ₦1,040 per litre, while a Techno Oil station in Festac Town dispensed petrol at ₦1,050 per litre. Stations operated by MRS Oil Nigeria sold the product at ₦1,057 per litre.
In Abuja, Gegu Oil Nigeria stations along the Kubwa Expressway sold petrol for ₦1,050 per litre, while Empire Energy outlets dispensed the product at ₦1,080 per litre. However, a station operated by Ardova Plc recorded a relatively lower price of ₦959 per litre.
Industry analysts attribute the latest increase to rising tensions in the Middle East, which have pushed global crude oil prices higher.
Crude oil prices reportedly climbed to around $91 per barrel following escalating tensions involving the United States, Israel and Iran, developments that analysts say could continue to influence domestic petrol prices in the coming weeks.
