Petrol prices have surged to about ₦1,080 per litre in parts of Lagos amid ongoing tensions in the Middle East that have pushed crude oil prices higher in the international market.
A market survey across several filling stations in Lagos on Saturday showed that the price of Premium Motor Spirit (PMS), popularly known as petrol, now ranges between ₦1,020 and ₦1,080 per litre, depending on the location and the filling station.
The latest increase follows a recent adjustment in the ex-depot price of petrol by the Dangote Refinery, which determines the rate at which fuel marketers purchase the product before selling it to consumers at the pump.
Our correspondent gathered that the refinery recently raised its ex-depot price to ₦995 per litre from ₦874 in response to rising crude oil prices on the global market.
As of the time of filing this report, Brent crude was trading at about $92.69 per barrel amid growing concerns over possible supply disruptions linked to escalating tensions in the Middle East.
The spike in global oil prices has been attributed to hostilities involving the United States, Israel and Iran, which analysts say could further tighten global oil supply.
Energy analysts warn that if the upward trend in crude prices continues, petrol prices in Nigeria could rise further, potentially approaching ₦1,100 per litre.
Meanwhile, checks by our correspondent showed that several filling stations have already adjusted pump prices to reflect the new pricing structure.
Reports from Ibadan also indicated that petrol was selling for as high as ₦1,200 per litre in some areas.
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