Petrol Price Rises to N970 Per Litre in Lagos Amid Cost Surge

The pump price of petrol has surged to between N930 and N970 per litre in Lagos, Abuja, and Ogun State, marking a sharp increase from the previous rate of N865 per litre.

The adjustment, which took effect on Saturday evening, followed directives received by fuel station attendants.

This development comes amid reports from oil marketers indicating a significant rise in the landing cost of imported petrol, which has jumped by N88 per litre within a week.

The increase in import costs has contributed to higher retail prices across several regions.

Investigations confirm that an AP filling station on Admiralty Road, Lekki Phase 1, now dispenses petrol at N930 per litre, while other outlets in Lagos are selling at prices ranging between N930 and N935 per litre.

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In Magboro, Ogun State, petrol prices have climbed even higher, ranging from N960 to N970 per litre.

This marks the first petrol price hike in 2025 following multiple reductions earlier in the year, driven largely by competition between the Nigerian National Petroleum Company (NNPC) Limited and Dangote Refinery.

Economic analysts have warned that the rising cost of fuel may trigger inflationary pressures on transportation and goods, further straining household budgets.

Some industry experts suggest that the government and regulatory bodies must urgently address importation challenges to stabilize fuel prices.

More developments are expected as oil marketers and industry stakeholders respond to the latest price adjustments.