LAGOS, Nigeria — Motorists and businesses don feel the heat as petrol price don increase sharply, rising to N930 to N970 per litre for many filling stations for Lagos and Ogun State. This change dey come on top of already high inflation wey dey affect everybody for the country.
The price jump start on Saturday evening, with plenty petrol stations across Lagos changing their price from N865 per litre to between N930 and N935. One AP station wey dey for Admiralty Road, Lekki Phase 1, was one of the first wey adjust their price. “Earlier for the day, we dey sell at N865, but na later we get instructions to increase am,” one station attendant talk to reporters.
For some stations in Ogun State, them dey sell petrol for between N960 and N970 per litre. This change no dey shock plenty people, as oil marketers don already talk say dem dey face challenges because of the rising cost of imported petrol. Reports show say the landing cost of imported petrol don increase by N88 per litre just within one week, and dem expect say this no go change anytime soon.
“Cost of importing petrol don dey rise due to forex changes and logistic wahala,” one senior official from the Independent Petroleum Marketers Association of Nigeria (IPMAN) wey no wan show him name talk. “As NNPC Limited and local importers dey change their prices, filling stations have to jettison their old prices to manage the new costs.”
Economic analysts, like energy expert Dr. Olumide Adebayo, don raise alarm say this increase fit push transportation and production costs up even higher. “Any rise in petrol prices will affect inflation badly, as businesses go adjust their prices according to the new fuel cost. Nigerians go feel the hit on food prices, transport, and overall living costs,” he explain.
Economist Dr. Kemi Ojo dey also talk say make government find better ways to refine petrol locally: “Instead to dey depend on imported fuel, make them help Dangote Refinery and other local refineries make them fit produce at full capacity. This go help stabilize the market.”
This na the first big price increase for 2025, coming after a series of price cuts earlier this year caused by competition between NNPC Limited and Dangote Refinery. Both organizations dey fight tooth and nail for petrol control as dem work towards a more stable local supply.
As the financial and energy markets continue to see fluctuations, fuel marketers dey warn say unless local supply chain improve, more petrol price hikes fit still come ahead.
