The latest increase in petrol prices is adding to the financial strain on Nigerian households and businesses, following a surge in international crude oil prices above $100 per barrel.
Petrol Prices Rise Again
MRS filling stations have raised their petrol price from ₦1,300 to ₦1,400 per litre in Lagos and surrounding areas, while NNPC Limited stations moved from ₦1,275 to ₦1,375.
Some independent marketers have also increased their prices to about ₦1,400 per litre.
The latest adjustments followed an increase in Dangote Petroleum Refinery’s gantry price to ₦1,350 per litre.
Higher Costs for Homes and Businesses
The price increases are expected to affect transport fares, food prices, electricity generation and business operating costs as companies pass rising logistics and energy expenses to consumers.
Mazi Colman Obasi, National President of OGSPAN, said the international crude price surge was the immediate cause of the latest pressure.
“The immediate trigger is the sharp rise in international crude oil prices, which has increased the cost of refined petroleum products and altered the economics of domestic fuel supply.”
He warned that petrol prices could rise further if crude remains above $100 per barrel.
