Petrol prices in Lagos have jumped to between N925 and N935 per litre, as fuel marketers react to rising landing costs and supply challenges.
The price hike, observed over the weekend, follows the Dangote Refinery’s recent decision to stop selling petrol in naira and ongoing delays in finalizing the naira-for-crude policy.
Reports indicate that as of last Monday, the landing cost of petrol spiked from N797 to N843.28 per litre, a N46 increase in just two weeks. TotalEnergies and MRS filling stations adjusted their pump prices to N935 and N925 per litre, respectively.
According to the Major Energy Marketers Association of Nigeria (MEMAN), the global fuel market’s seasonal shift from winter to summer-grade petrol has driven up costs. Additionally, supply constraints in Europe, a fire at Italy’s Falconara refinery, and seasonal refinery maintenance have intensified price volatility.
The Amsterdam-Rotterdam-Antwerp (ARA) hub, a key petroleum trading centre, has also seen stock levels plummet to a 12-week low, further tightening supply.
MEMAN noted that while the foreign exchange rate has remained relatively stable, logistics costs, finance charges, and regulatory fees continue to influence fuel pricing. The association advised marketers to explore cost-saving strategies such as negotiating forex rates and reducing ship-to-ship (STS) transfers to ease price pressures.
With global market forces and domestic policies shaping fuel costs, Nigerians may have to brace for further fluctuations in petrol prices in the coming weeks.
