Petrol Prices Surge to ₦1,080 per Litre in Lagos

Petrol prices in Lagos have escalated to around ₦1,080 per litre due to rising crude oil prices attributed to ongoing turmoil in the Middle East.

A market survey conducted at multiple filling stations in Lagos on Saturday revealed that the cost for Premium Motor Spirit (PMS), commonly referred to as petrol, is now between ₦1,020 and ₦1,080 per litre, varying with location and specific filling stations.

This recent price hike follows an adjustment in the ex-depot price set by the Dangote Refinery, which dictates the purchase rates for fuel marketers before they sell to consumers.

Sources indicate that the refinery has recently increased its ex-depot price from ₦874 to ₦995 per litre in response to escalating crude oil costs on the global market.

At the time of this report, Brent crude was trading at approximately $92.69 per barrel, reflecting concerns over potential disruptions in supply due to increasing tensions in the Middle East.

Analysts attribute the recent surge in global oil prices to conflicts involving the United States, Israel, and Iran, suggesting that these developments could tighten the global oil supply further.

Experts warn that if crude prices continue on this upward trajectory, petrol prices in Nigeria may escalate even more, potentially nearing ₦1,100 per litre.

In addition, reports from Ibadan indicate that some locations are already experiencing petrol prices as high as ₦1,200 per litre, suggesting widespread impact across the region.

Current price adjustments at filling stations confirm that the new pricing is already being reflected at the pumps, corresponding with market changes.