Petrol prices in Nigeria have surged to between ₦865 and ₦910 per litre across retail outlets in Lagos and Ogun States, sparking fresh concerns of economic strain.
Petrol prices in Nigeria have surged to between ₦865 and ₦910 per litre across retail outlets in Lagos and Ogun States, sparking fresh concerns of economic strain. Platform Times found Matrix filling station at Kara selling for ₦910, while Rainoil in Ibafo offered petrol at ₦900. Depot prices rose from ₦820 on Thursday to ₦870 on Sunday, with Dangote selling at ₦858 and some suppliers hitting ₦900.
The spike follows plans by OPEC+ to boost global crude oil output by 547,000 barrels daily from September, contributing to market instability. Brent crude remains around $70 per barrel.
IPMAN Vice President Hammed Fashola attributed the rise to volatile exchange rates and global crude trends. “Let’s wait till Monday to see how the market adjusts,” he said.
Analysts warn that Nigeria’s deregulated fuel market, forex instability, and rising global prices could lead to inflation, costlier transportation, and increased commodity prices, worsening the burden on consumers and small businesses.