Petrol Price Climbs Above N1,040 Per Litre in Lagos, Abuja

The retail price of premium motor spirit (PMS), commonly known as petrol, has risen sharply in Lagos and Abuja, with pump prices reaching as high as N1,040 and N1,080 per litre respectively.

The increase followed a fresh adjustment in the ex-gantry price of petrol by the Dangote refinery, which recently raised its price to N995 per litre.

Market checks across several filling stations in both cities confirmed that the new price has begun reflecting at retail outlets.

At Nigerian National Petroleum Company (NNPC) retail stations located in Ilasa, Apple Junction and Ago Palace Way in Lagos, petrol was sold at N1,040 per litre.

The new price represents an increase of about N47 compared with the previous pump price of N993 per litre.

Other stations also implemented similar adjustments. Emadeb Energy and PM Petroleum outlets along the Oshodi-Apapa Expressway sold petrol at the same price of N1,040 per litre, while Techno Oil stations in Festac offered the product at about N1,050 per litre.

MRS filling stations in Lagos recorded slightly higher prices, selling petrol for around N1,057 per litre.

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In Abuja, the product was sold at approximately N1,050 per litre at Gegu Oil stations along the Kubwa Expressway, while Empire Energy outlets dispensed petrol at N1,080 per litre.

Industry observers link the increase to rising global crude oil prices triggered by escalating geopolitical tensions in the Middle East.

Oil prices climbed to about $91 per barrel amid the ongoing conflict involving the United States, Israel and Iran, developments that continue to influence global energy markets.