The cost of petrol across the Lagos metropolis surged over the weekend, with pump prices now ranging between N925 per litre and N935 per litre. The increase follows a spike in the landing cost of the commodity and changes in supply dynamics.
This latest development stems from multiple factors, including the rise in the landing cost of petrol, the cessation of naira transactions by Dangote Refinery, and delays in the finalization of the naira-for-crude policy. Industry sources confirmed that these factors have forced petrol marketers to adjust their prices accordingly.
As of last Monday, the landing cost of petrol climbed to N843.28 per litre, up from N797 per litre recorded two weeks earlier. This marks an increase of N46 per litre, further compounding the financial strain on consumers.
Prominent filling stations across Lagos have already adjusted their prices to reflect the new market reality. TotalEnergies outlets were seen selling petrol at N935 per litre, while MRS stations set their pump price at N925 per litre.
Consumers have expressed frustration over the persistent rise in fuel prices, which has cascading effects on transportation costs and the general cost of living. Motorists and commuters are bracing for tougher times as inflationary pressures continue to mount.
Industry analysts warn that unless there is swift intervention in fuel supply policies, Nigerians may continue to experience fluctuations in petrol prices, with far-reaching economic consequences.