By By Elizabeth Ugbo
Petrol prices rose sharply on Wednesday across Lagos and South-West states, as filling stations increased pump prices from about N1,250 to over N1,300 per litre. The hike followed rising global crude oil prices linked to the US-Iran conflict. Marketers adjusted prices quickly, while supply disruptions at the Dangote Refinery also contributed to the increase.
Petrol Prices Climb Across Lagos and Ogun
A survey showed that filling stations in Lagos and Ogun sold petrol between N1,315 and N1,350 per litre.
At the Mowe/Ibafo axis of the Lagos-Ibadan Expressway, NNPC stations sold at N1,315 per litre. Meanwhile, Mobil stations dispensed fuel at N1,320 per litre.
However, prices climbed higher in northern regions, nearing N1,400 per litre due to distance and logistics.
Border Communities Face Extreme Fuel Costs
Residents in Ogun border communities reported even higher prices.
They said petrol costs approached N1,700 per litre in some areas.
They also blamed federal restrictions on fuel supply for worsening the situation.
Dangote Refinery Raises Petrol Loading Price
The Dangote Petroleum Refinery increased its gantry price from N1,200 to N1,275 per litre.
Data from Petroleumprice.ng confirmed the adjustment on Wednesday.
Coastal supply prices also rose to N1,215 per litre.
In addition, the refinery suspended its pro forma invoice system on Tuesday evening.
This move disrupted supply scheduling and halted petrol and diesel sales temporarily.
NNPC Increases Crude Oil Prices
The Nigerian National Petroleum Company raised official selling prices for all 37 crude grades.
Bonny Light crude increased by $6.13 per barrel for May cargoes.
Similarly, Forcados crude rose by $7.01 per barrel.
These increases pushed up production costs for local refiners, including Dangote.
Global Oil Market Drives Local Price Hike
Global oil prices surged due to tensions in the Middle East.
Brent crude rose from $105 per barrel on Monday to $118 by Wednesday.
The ongoing US-Iran conflict continues to threaten supply routes, especially the Strait of Hormuz.
Additionally, reports of the UAE’s exit from OPEC added pressure to the market.
Impact on Nigeria’s Fuel Market
Higher crude prices directly increase petrol production costs in Nigeria.
As a result, refiners and marketers adjust pump prices upward.
This trend now pushes petrol prices closer to N1,400 per litre nationwide.
