Petrol Prices Surge to N1,310 per Litre in Nigeria

Nigerian motorists are experiencing another petrol price increase as MRS and Dangote-backed filling stations have raised their pump price to N1,310 per litre in Lagos and surrounding areas, up from approximately N1,205 per litre. This increase adds pressure to households, transport operators, and businesses already facing elevated operating costs.

Other filling stations have also adjusted their prices, with several marketers selling petrol for between N1,315 and above N1,400 per litre, compared to levels below N1,270 previously. The price hike follows a decision by Dangote Refinery to raise its petrol price by N65, from N1,200 to N1,265 per litre.

The adjustments reflect higher acquisition costs and other expenses in the downstream market. Despite a decline in international crude oil prices, local petrol prices remain high due to various factors, including refining margins and logistics costs.

The latest price movement indicates that Nigeria's petrol market is increasingly influenced by domestic refining and supply dynamics.