Petrol Prices Surge to ₦1,080 per Litre in Lagos

Petrol prices in Lagos have reached ₦1,080 per litre, with market surveys indicating that prices for premium motor spirit (PMS) vary between ₦1,020 and ₦1,080 depending on the filling station's location. This latest price increase follows a recent adjustment in the ex-depot price of petrol by Dangote Refinery, which is now set at ₦995 per litre.

The adjustment is a response to the rising global crude oil prices, which are currently trading at $92.69 per barrel. Analysts have expressed concerns over potential supply disruptions linked to escalating tensions in the Middle East, particularly involving the United States, Israel, and Iran.

This situation is expected to further tighten global oil supply, leading to predictions that petrol prices in Nigeria may approach ₦1,100 per litre. Reports from Ibadan indicate that petrol is already being sold at higher prices, reaching ₦1,200 per litre in some areas.