Petrol Price Rises to N1,040 per Litre in Lagos, Abuja N1,080

By: Sunday Ameh

The pump price of Premium Motor Spirit (PMS), popularly known as petrol, has risen to as high as N1,040 per litre in Lagos and N1,080 per litre in Abuja.

The increase comes barely a day after Dangote Refinery raised its ex-gantry price of petrol to N995 per litre.

Checks across several retail outlets in Lagos showed that petrol was sold for N1,040 per litre at NNPC Limited retail stations in Ilasa, Apple Junction and Ago Palace Way. The new price represents an increase of N47 from the previous pump price of N993 per litre.

Other outlets such as Emadeb Energy and PM Petroleum along the Oshodi–Apapa Expressway also dispensed the product at N1,040 per litre, while a Techno Oil station in Festac Town sold petrol at N1,050 per litre. MRS filling stations in the city reportedly sold the product at N1,057 per litre.

InDangote Steps Down as Dangote Sugar Chairman After 20 Years Abuja, Gegu Oil Nigeria along the Kubwa Expressway sold petrol for N1,050 per litre, while Empire Energy fuel stations dispensed the product at N1,080 per litre. However, an AP filling station was observed selling petrol at N959 per litre.

The increase in pump price comes amid rising global crude oil prices linked to ongoing geopolitical tensions in the Middle East. On Friday, crude oil prices climbed to about $91 per barrel as the conflict involving the United States, Israel and Iran continues to escalate.