The pump price of Premium Motor Spirit (PMS), commonly known as petrol, has surged to between N930 and N970 per litre across parts of Lagos and its outskirts, marking a significant jump from the previous rate of N865 per litre.
Investigations on Sunday morning revealed that filling stations across Lagos have adjusted their pump prices, reflecting a parallel increase in depot prices, which now stand between ₦890 and ₦900 per litre, compared to below ₦850 per litre two weeks ago.
Rising Landing Costs Drive Price Hike
The price hike comes amid fresh warnings from oil marketers, who disclosed that the landing cost of imported petrol had surged by N88 per litre within a week. This increase is compounded by rising import volumes and the continued depreciation of the naira.
In Lagos, an AP filling station on Admiralty Road, Lekki Phase 1, was reportedly selling petrol at N930 per litre, while other outlets across the city have set prices between N930 and N935 per litre.
Meanwhile, filling stations in Abuja and Magboro, Ogun State, have raised their prices to between N960 and N970 per litre.
First Fuel Price Hike of 2025
This latest increase marks the first petrol price hike of 2025, following a period of price reductions earlier in the year, driven by competition between the Nigerian National Petroleum Company (NNPC) Limited and Dangote Refinery.
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Attempts to obtain comments from independent and major marketers were unsuccessful at the time of reporting.
However, analysts warn that continued fluctuations in foreign exchange rates, importation costs, and domestic refining capacity could dictate further price volatility in the coming months.
