Petrol prices have increased across Lagos and parts of Ogun State, with pump prices rising to between N920 and N940 per litre. Several filling stations temporarily halted sales on Tuesday morning to adjust to the new pricing, triggering long queues and commuter disruptions.
Checks conducted in Lagos and the Magboro axis of Ogun State showed that most outlets suspended sales in the early hours of Tuesday while revising their pump prices upward.
At an AP filling station in Magboro, petrol was selling at N930 per litre, while GOA Energy listed N920 per litre before closing its gates. Other stations in the area were not dispensing fuel as of the time of visit.
At the NNPC retail outlet on Abibu Oki Street, Marina, Lagos, motorists formed long queues amid uncertainty over possible supply shortages. The price of Premium Motor Spirit (PMS) at the station was adjusted to N932 per litre, up from N837 recorded the previous day.
Similarly, at a Northwest filling station in the Maryland area of Lagos, petrol was selling at N940 per litre.
Industry operators link the upward adjustment to rising global crude oil prices, driven by escalating geopolitical tensions in the Middle East.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called for urgent measures to protect Nigeria’s energy security. The association expressed concern over the military tensions involving the United States, Iran, Israel and allied nations, warning that disruptions around the Strait of Hormuz could further destabilize global oil supply.
PETROAN noted that about 20 per cent of global crude oil passes daily through the Strait of Hormuz, making the route critical to international energy markets. Continued hostilities in the region have heightened fears of supply disruptions, pushing crude oil benchmarks upward. Analysts project prices could exceed 100 dollars per barrel if the crisis persists.
The association warned that sustained increases in global crude oil prices would directly affect domestic pump prices, foreign exchange stability and inflation levels in Nigeria.
To mitigate the impact, PETROAN urged the Federal Government to ensure steady crude supply to local refineries, maintain the naira-for-crude policy to ease foreign exchange pressure, and restore government-owned refineries to full operational capacity.
It also emphasized the need for proactive monitoring of global market developments and diplomatic efforts aimed at stabilizing energy-producing regions to safeguard Nigeria’s economic interests.
