Manny Ita –
A fresh market survey conducted on Sunday shows that petrol prices across Lagos have climbed to between ₦1,020 and ₦1,080 per litre, reflecting growing pressure from developments in the international crude oil market.
Checks at several filling stations across the city indicated that independent marketers are adjusting pump prices upward as global oil prices continue to fluctuate, with analysts linking the increase to renewed geopolitical tensions in the Middle East that have unsettled energy markets.
The development comes amid ongoing volatility in global crude benchmarks, which directly affect the landing cost of imported petroleum products in Nigeria.
Industry analysts say the latest adjustment is a reflection of rising international crude prices, shipping costs and currency pressures, all of which contribute to higher pump prices in the domestic market.
“Global crude prices have been reacting to geopolitical developments in the Middle East, and that naturally affects downstream markets like Nigeria where petrol pricing is sensitive to import costs,” one energy market analyst said.
According to marketers, several filling stations in major commercial districts of Lagos were selling petrol between ₦1,020 and ₦1,050 per litre early Sunday, while some outlets in high-demand areas recorded prices as high as ₦1,080 per litre.
Independent petroleum marketers noted that price variations depend on factors such as supply chain costs, transportation and stock availability.
“We are seeing slight variations across locations, but the general range in Lagos this morning is between ₦1,020 and ₦1,080 per litre,” a station manager said.
Nigeria relies heavily on imported refined petroleum products despite being a major crude oil producer, leaving domestic pump prices vulnerable to movements in the global energy market.
Analysts warn that if international crude prices continue to rise due to geopolitical tensions, domestic fuel prices could face further pressure in the coming weeks, potentially affecting transportation costs and the broader cost of living for Nigerians.
