Motorists and businesses in Lagos and Ogun State have been hit with a fresh hike in petrol prices, with pump prices surging to between N930 and N970 per litre in several areas.
The increase, which began on Saturday evening, has raised concerns among Nigerians already grappling with high inflation and economic hardship.
Several filling stations across Lagos, including an AP station on Admiralty Road, Lekki Phase 1, have adjusted their pump prices from N865 per litre to as high as N930 per litre.
Other retail outlets in Lagos and its outskirts are selling at prices between N930 and N935 per litre. In Magboro, Ogun State, the price has soared even higher, reaching between N960 and N970 per litre.
According to fuel attendants, the increase was unexpected. “Earlier in the day, we were still selling at N865 per litre, but later in the evening, we received instructions to change the price,” a station worker in Lekki told reporters.
The price adjustment comes amid reports by oil marketers that the landing cost of imported petrol rose by N88 per litre within a week.
Industry analysts attribute this to global crude oil price fluctuations, foreign exchange volatility, and increased importation costs.
A senior official at the Independent Petroleum Marketers Association of Nigeria (IPMAN), who spoke on condition of anonymity, explained: “The cost of importing petrol has been rising due to forex instability and increased logistics expenses. With NNPC Limited and private importers adjusting their pricing strategies, retail stations have little choice but to pass the cost onto consumers.”
Economic and energy analysts have expressed concerns over the implications of the price hike.
Energy expert, Dr. Olumide Adebayo, warned that the increase could further push up transportation and production costs. “Petrol price hikes have a ripple effect on inflation, as businesses that rely on fuel will adjust their prices accordingly. Nigerians will feel the impact on food prices, transportation, and overall cost of living,” he said.
Meanwhile, economist Dr. Kemi Ojo pointed out the need for a sustainable solution.
“Rather than relying on imports, the government must fast-track local refining capacity. The price fluctuations we are witnessing are largely due to external dependency. If Dangote Refinery and other modular refineries can produce at full capacity, we may see some price stability,” she stated.
This marks the first major price increase in 2025, following multiple price reductions earlier in the year due to the pricing competition between the Nigerian National Petroleum Company (NNPC) Limited and Dangote Refinery.
The Dangote Refinery, which recently began operations, was expected to bring down petrol prices by reducing reliance on imported fuel.
However, with rising import costs and forex challenges, industry experts say price fluctuations may persist until domestic refining fully stabilizes.
As global oil prices and import costs continue to fluctuate, fuel marketers warn that further adjustments may be inevitable unless the local supply chain strengthens.