Petrol prices across Nigeria have increased again, reaching about ₦1,330 per litre in Lagos and ₦1,370 per litre in Abuja, raising concerns over rising inflation and transportation costs.
Checks by TheCable on Monday showed that several filling stations raised their pump prices by as much as ₦100 per litre in different parts of the country.
At stations operated by MRS Oil Nigeria Plc in Festac and Ikorodu, petrol prices increased from about ₦1,232 to ₦1,332 per litre.
Similarly, outlets of TotalEnergies in Festac and along the Apapa–Oshodi Expressway raised their prices from ₦1,250 to ₦1,332 per litre, while its Abule Egba station adjusted the price to about ₦1,329 per litre.
Retail outlets of Nigerian National Petroleum Company Limited also increased their prices. Stations along Ago Palace Way and Apple Junction in Lagos raised petrol prices from ₦1,230 to ₦1,330 per litre.
In Abuja, NNPC retail stations increased prices from ₦1,260 to about ₦1,361 per litre, while Shafa filling station near the Dunamis International Gospel Centre along Airport Road sold petrol at ₦1,370 per litre.
Other cities recorded similar increases. In Akure, petrol sold for about ₦1,340 per litre, while prices in Kaduna rose to around ₦1,371 per litre. In Ogun State, some filling stations adjusted prices to between ₦1,338 and ₦1,350 per litre.
The price hike is linked to volatility in the global oil market following tensions in the Middle East, particularly the ongoing conflict involving United States and Iran.
The conflict has disrupted oil supply routes such as the Strait of Hormuz and the Suez Canal, pushing global crude oil prices higher.
Crude oil recently rose to $114.08 per barrel, its highest level since May 2022.
The latest increase also follows a price adjustment by the Dangote Refinery, which raised its ex-gantry petrol price from ₦1,175 to ₦1,275 per litre over the weekend.
The rising fuel prices have already led to higher transportation fares across many parts of Nigeria, with commuters reporting that transport costs have doubled in some areas
