Petrol prices rose to about N1,250 per litre in Lagos on Monday as supply disruptions linked to escalating tensions in the Middle East pushed up global oil costs, sparking complaints from motorists and commuters. The increase followed a fresh price adjustment by Dangote Petroleum Refinery, which raised the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre from N995, marking its third upward revision within a week.
The N180 increase, representing about 18.1 per cent in three days, was attributed to higher crude prices and rising shipping costs caused by the Israel-Iran conflict and Houthi attacks in the Red Sea, which have forced oil tankers to take longer routes. Brent crude climbed close to $100 per barrel, while the naira traded around N1,650 to the dollar, further raising import and logistics costs for fuel marketers.
Following the refinery adjustment, pump prices across several filling stations climbed to between N1,200 and N1,250 per litre, depending on location. Marketers such as MRS and Matrix sold petrol at about N1,250 per litre, while others like AP offered it at around N1,200. The increase has already triggered higher transportation fares in parts of Lagos and Ogun states.
Commuters expressed frustration as transport fares surged by about 20 per cent, with some routes recording sharp increases. For instance, fares from Oju-Ore in Ogun State to Agege in Lagos rose from N1,000 to N1,200, while trips from Ikeja to Oshodi jumped from N300 to N500. Many commuters said the sudden hike has worsened the cost-of-living pressure.
Meanwhile, the Federal Government said it is monitoring the situation and considering policy options to cushion the economic impact. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warned that petrol prices could rise to nearly N2,000 per litre if global tensions persist, noting that higher fuel costs could further drive inflation and increase production and transportation expenses across the economy.
