Nigeria's Petrol Prices Surge to N1,350 per Litre

Petrol prices in Nigeria have risen to N1,350 per litre, prompting complaints from motorists and commuters in Lagos. A survey conducted on Sunday revealed that petrol was previously sold between N1,250 and N1,350 per litre at various filling stations.

This latest increase is attributed to a price adjustment by Dangote Petroleum Refinery, which raised the price of premium motor spirit (petrol) from N1,175 to N1,350 per litre, marking an increase of N180 or 18.1% within three days. This adjustment represents the refinery's third price review within a week.

Analysts have indicated that the rise in prices is partly due to heightened geopolitical tensions in the Middle East, particularly the standoff between Israel and Iran, which has affected oil tanker routes and increased global freight costs by approximately 40%. Additionally, the price of Brent crude oil has approached $99 per barrel, while the Nigerian currency trades at N1,650 to the dollar, further contributing to the higher domestic fuel prices.