Fuel Price Hits New High as Petrol Sells for N1,330 in Lagos, N1,370 in Abuja Amid Middle East Tension

Petrol prices across Nigeria have recorded another sharp increase, with pump prices rising to as high as N1,330 per litre in Lagos and N1,370 per litre in Abuja, following renewed volatility in the global crude oil market triggered by tensions in the Middle East.

Checks on Monday showed that several filling stations adjusted their pump prices upward by between N80 and N100 per litre, further worsening transport costs and raising concerns over inflation across the country.

At MRS Oil Nigeria Plc stations in Festac and Ikorodu, Lagos, petrol rose from N1,232 to N1,332 per litre, while outlets operated by TotalEnergies in Festac and along Apapa-Oshodi Expressway also adjusted prices from N1,250 to N1,332 per litre. In Abule Egba, the product sold for N1,329 per litre.

Similarly, retail outlets owned by Nigerian National Petroleum Company Limited on Ago Palace Way and Apple Junction raised their prices from N1,230 to N1,330 per litre.

In Abuja, NNPC filling stations increased pump price from N1,260 to N1,361 per litre, while independent marketers along Airport Road sold petrol at N1,370 per litre.

Outside Lagos and Abuja, the upward review also affected other states. In Akure, petrol sold for N1,340 per litre, while in Kaduna, prices ranged between N1,370 and N1,372 per litre. In parts of Ogun State, motorists bought fuel at between N1,338 and N1,350 per litre.

The latest increase is linked to the sharp rise in global crude oil prices following disruptions in major shipping routes caused by the ongoing Middle East conflict. Crude oil recently climbed above $114 per barrel, intensifying pressure on petroleum-importing countries.

Economic observers warn that the fresh adjustment may trigger another round of increases in transportation fares, food prices and other basic commodities across Nigeria .