Petrol hits N937/litre in Lagos
Nigeria’s fragile fuel market has come under renewed strain as escalating tensions in the Middle East ripple through global oil markets, driving crude prices above $80 per barrel and pushing domestic petrol prices to the brink of N1,000 per litre.
From Lagos to Abuja, motorists woke up to sharp increases at filling stations, with pump prices adjusted almost overnight.
In Lagos, several outlets raised the price of Premium Motor Spirit (PMS) from N830 to N937 per litre. In the Federal Capital Territory, major retailers including NNPC Limited and MRS Oil Nigeria Plc increased prices from N875 to N975 per litre, while some independent marketers dispensed fuel at N960
The immediate trigger was a fresh upward review in the ex-depot price by Dangote Petroleum Refinery & Petrochemicals, which moved its gantry price from N774 to about N874–N875 per litre. Industry sources attributed the hike to surging global crude prices and rising replacement costs.
A senior refinery official confirmed that petrol loading operations were temporarily suspended earlier in the week in response to the crude spike, a decision that tightened supply expectations and accelerated price adjustments across the downstream value chain.
For Nigeria, which now operates a deregulated petrol pricing regime but remains heavily exposed to global oil benchmarks, the consequences have been swift and severe.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) described the unfolding situation as worrisome, warning that sustained geopolitical instability could unleash broader economic consequences.
