Petrol Price Rises to N1,040 in Lagos, N1,080 in Abuja After Dangote Refinery Adjustment
The pump price of Premium Motor Spirit (PMS), commonly known as petrol, has increased to as high as ₦1,040 per litre in Lagos and ₦1,080 per litre in Abuja, following a fresh price adjustment by fuel marketers across the country.
The development comes barely 24 hours after the Dangote Refinery raised its ex-gantry price of petrol to ₦995 per litre, triggering a chain reaction in retail pump prices.
A survey of filling stations across Lagos and the Federal Capital Territory on Saturday showed that many outlets have adjusted their prices upward.
At NNPC Limited retail stations located in Ilasa, Apple Junction and Ago Palace Way in Lagos, petrol was sold at ₦1,040 per litre, representing an increase of ₦47 from the previous price of ₦993 per litre.
Similarly, Emadeb Energy and PM Petroleum filling stations along the Oshodi–Apapa Expressway also dispensed the product at ₦1,040 per litre.
At a Techno Oil station in Festac Town, the pump price stood at ₦1,050 per litre, while outlets operated by MRS Oil Nigeria sold the product at ₦1,057 per litre.
In Abuja, petrol was sold at ₦1,050 per litre at Gegu Oil Nigeria along the Kubwa Expressway, while Empire Energy filling stations dispensed the product at ₦1,080 per litre.
However, the price was relatively lower at a station operated by Ardova Plc (AP), where petrol sold for ₦959 per litre.
Industry observers attribute the latest price hike to rising tensions in the Middle East, which have pushed global crude oil prices higher.
On Friday, crude oil prices climbed to about $91 per barrel amid escalating conflict involving the United States, Israel and Iran in the region.
Analysts warn that continued volatility in the global oil market could further influence domestic petrol prices in the coming weeks.